• 3 minutes Oil Price Could Fall To $30 If Global Deal Not Extended
  • 7 minutes Middle East on brink: Oil tankers attacked off Oman
  • 11 minutes Is $60/Bbl WTI still considered a break even for Shale Oil
  • 15 minutes CNN:America's oil boom will break more records this year. OPEC is stuck in retreat
  • 2 hours The Pope: "Climate change ... doomsday predictions can no longer be met with irony or disdain."
  • 7 hours Coal Boom in Asia is Real and a Long Trend
  • 5 hours China's President Xi To Visit North Korea This Week
  • 17 mins The Plastics Problem
  • 5 hours Hydrogen FTW... Some Day
  • 8 hours OPEC, GEO-POLITICS & OIL SUPPLY & PRICES
  • 7 hours Forbes: Giant Floating Solar Farms Could Extract CO2 From Seawater, Producing Methanol Fuel.
  • 11 hours Why Is America (Texas) Burning Millions of Dollars Per Day Of Natural Gas?
  • 11 hours Fareed Zakaria: Canary in the Coal Mine (U.S. Dollar Hegemony)
  • 46 mins The Magic and Wonders of US Shale Supply: Keeping energy price shock minimised: US oil supply keeping lid on prices despite global risks: IEA chief
  • 19 hours Greenpeace claims one oil rig is "pushing the world closer to a climate catastrophe"
  • 13 hours As Iran Nuclear Deal Flounders, France Turns To Saudi For Oil
  • 9 hours Hormuz and surrounding waters: Energy Threats to the World: Oil, LNG, shipping markets digest new risks after Strait of Hormuz attack
  • 4 hours Russia removes special military forces from Venezuela . . . . Maduro gone by September ? . . . Oil starts to flow ? Think so . .
Alt Text

Tanker Strikes Spell Doomsday Scenario For OPEC

Today’s oil tanker attacks in…

Alt Text

Oil Inches Higher On Falling Rig Count

Oil prices inched higher at…

Alt Text

The U.S. Production Boom Is Becoming A Problem

While energy demand grew at…

Irina Slav

Irina Slav

Irina is a writer for Oilprice.com with over a decade of experience writing on the oil and gas industry.

More Info

Trending Discussions

Court: Petrobras Strike Is Illegal

The workers’ strike called by Petrobras labor unions has been declared illegal by Brazil’s Superior Labor Court. The company approached the court after the labor unions warned they would begin a 72-hour strike on Wednesday, demanding the resignation of chief executive Pedro Parente and a change in the company’s fuel pricing policy.

Parente, Bloomberg noted in a recent report on the developments, has been criticized for his approach to fuel pricing, but the company said on Friday he had no intention of leaving office.

As for fuel pricing, the unions’ demand comes amid a truckers’ strike that paralyzed Brazil for a week, prompted by the spike in fuel prices resulting from the international benchmark oil price rally and in turn causing even higher prices at the pump as tanker trucks could not reach fuel stations.

The government has been negotiating with Petrobras and the truckers and earlier this week agreed with the protesters to cut prices at the pump by 13 percent and keep them lower for 60 days. Also, the government convinced Petrobras to change its pricing policy, so starting June, the company will only adjust prices monthly instead of daily.

The news sent Petrobras shares sharply down as investors began worrying that the recent concessions may create unfair competition that would hurt smaller non-state fuel retailers. And there is more bad news for the company if it won a small victory against the labor unions.

Reuters reported earlier today that President Michel Temer was considering the removal of the market-based pricing policy of Petrobras as a whole and begin selling fuel at below cost. The news agency quoted a government source wishing to remain anonymous as saying that the market-based policy worked while oil pries were stable, but now that they have jumped considerably over a short period of time, this approach is no longer working, especially coupled with an unstable Brazilian real.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:




Download The Free Oilprice App Today

Back to homepage

Trending Discussions


Leave a comment

Leave a comment





Oilprice - The No. 1 Source for Oil & Energy News