Brazil's state-led oil company Petroleo Brasileiro SA canceled talks planned for Nov. 10 aimed at settling a nine-day strike, FUP, the country's main oilworkers federation, said on Twitter.
FUP members have been on strike at Petrobras, as the company is commonly known, since Nov. 1 in the biggest labor action against the company in 20 years. The union is seeking to force Petrobras to reverse investment cuts and scrap plans to sell assets to pay more than $130 billion of debt, the largest of any oil company in the world.
Petrobras officials were not immediately available to comment on the talks.
Petrobras' press office said on Nov. 10 that the strike was cutting oil output by about 115,000 barrels a day, the same amount as Monday. That is equal to about 5.5 percent of pre-strike oil output in Brazil.
Recommended Reading
What's Affecting Oil Prices This Week? (April 22, 2024)
2024-04-22 - Stratas Advisors predict that despite geopolitical tensions, the oil supply will not be disrupted, even with the U.S. House of Representatives inserting sanctions on Iran’s oil exports.
Association: Monthly Texas Upstream Jobs Show Most Growth in Decade
2024-04-22 - Since the COVID-19 pandemic, the oil and gas industry has added 39,500 upstream jobs in Texas, with take home pay averaging $124,000 in 2023.
Shipping Industry Urges UN to Protect Vessels After Iran Seizure
2024-04-19 - Merchant ships and seafarers are increasingly in peril at sea as attacks escalate in the Middle East.
Paisie: Crude Prices Rising Faster Than Expected
2024-04-19 - Supply cuts by OPEC+, tensions in Ukraine and Gaza drive the increases.
WoodMac: Market Likely to Absorb Aramco’s Downshift in Oil Production
2024-02-02 - Saudi Aramco’s move from a targeted 13 MMbbl/d capacity by 2027 is not expected to tighten the supply and demand balance this decade, Wood Mackenzie analysts said.