Concerning the referent to the pronoun it, in the fragmen...

in “It looks and smells like ordinary crude oil.” (line 5), it refers to “beaker” (line 4).

in “The danger for Brazil, if it fails to manage this windfall wisely, is of falling victim to ‘Dutch disease.’ ” (lines 28-29), it refers to “danger” (line 28).

in “... Brazilian engineers see it as a new frontier.” (lines 59-60), it refers to “coast” (line 58).

in “making it harder for Brazilian exporters of manufactured goods.” (lines 75-76), it refers to “stream” (line 75).

in “ ‘it’s just going to be starved for those resources,’ says Harvard’s Prof Rogoff.” (lines 81-83), it refers to “China” (line 81).