Brazil's state-run oil company Petroleo Brasileiro SA said late Nov. 9 that a weeklong strike is cutting its Brazilian oil output by about 115,000 barrels a day, or about 5.5 percent of output before the labor action began on Nov. 1.
The company and Brazil's two main oil union federations met on Nov. 9 without coming to an agreement over labor demands that Petrobras restore cut investments and end plans to sell assets to help pay its more than $130 billion in debt, the largest of any oil company.
Recommended Reading
What's Affecting Oil Prices This Week? (April 8, 2024)
2024-04-08 - Stratas Advisors says geopolitics are providing a boost for oil prices as conflicts escalate–and while crude oil and oil products continue to flow, the possibility of disruption is increasing.
Oil Broadly Steady After Surprise US Crude Stock Drop
2024-03-21 - Stockpiles unexpectedly declined by 2 MMbbl to 445 MMbbl in the week ended March 15, as exports rose and refiners continued to increase activity.
US Oil Stockpiles Surge as Prices Dip, Production Remains Elevated
2024-02-14 - EIA reported crude oil stocks increased by 12.8 MMbbl as February began, far outstripping expectations.
US Gulf Coast Heavy Crude Oil Prices Firm as Supplies Tighten
2024-04-10 - Pushing up heavy crude prices are falling oil exports from Mexico, the potential for resumption of sanctions on Venezuelan crude, the imminent startup of a Canadian pipeline and continued output cuts by OPEC+.
US Leads Global Oil Production for Sixth Straight Year-EIA
2024-03-11 - The Energy Information Administration says it is unlikely that the record will be broken by another country in the near term.