• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 5 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 2 days Does Toyota Know Something That We Don’t?
  • 5 days OPINION: Putin’s Genocidal Myth A scholarly treatise on the thousands of years of Ukrainian history. RCW
  • 2 days World could get rid of Putin and Russia but nobody is bold enough
  • 17 hours America should go after China but it should be done in a wise way.
  • 5 days CHINA Economy IMPLODING - Fastest Price Fall in 14 Years & Stock Market Crashes to 5 Year Low
  • 4 days China is using Chinese Names of Cities on their Border with Russia.
  • 5 days Russian Officials Voice Concerns About Chinese-Funded Rail Line
  • 4 days CHINA Economy Disaster - Employee Shortages, Retirement Age, Birth Rate & Ageing Population
  • 5 days Putin and Xi Bet on the Global South
  • 5 days "(Another) Putin Critic 'Falls' Out Of Window, Dies"
  • 6 days United States LNG Exports Reach Third Place
  • 6 days Biden's $2 trillion Plan for Insfrastructure and Jobs
  • 9 days huge-deposit-of-natural-hydrogen-gas-detected-deep-in-albanian-mine
U.S. Drillers Pump The Brakes

U.S. Drillers Pump The Brakes

The total number of active…

Israel-Hezbollah Tensions Flare Up

Israel-Hezbollah Tensions Flare Up

Cross-border missile exchanges between Israel…

Brazilian Oil Giant Braces For Strikes Ahead Of $50 Billion Auction

Brazil’s state-run oil company, Petrobras, is about to get hit with a general strike action from a group representing no fewer than 12 oil worker unions, according to the group’s statement on Wednesday, with another 5 oil worker unions represented by another group also set to join in the strike, Reuters reported on Wednesday.

The strike will go into effect on Saturday over Petrobras’ proposed annual wage hikes, which the group contends is lower than what the annual inflation rate is expected to be.

The annual inflation rate fell to 2.89% in September, from 3.43% in August. The forecast for the annual inflation rate was 2.97%, according to Trading Economics.

Labor unions in Brazil have been active this year, threatening to wage an all-out war that began in February against right-leaning President Jair Bolsonaro, which lowered the minimum wage and closed Brazil’s Ministry of Labor arguing that in Brazil there was “an excess of rights” when it comes to labor.

Related: The U.S. Smashes Another Oil Export Record

“You have to do away with unions in Brazil,” Bolsonaro told reporters in February.

 The strike comes not even a month before Brazil is set to hold what is expected to be its biggest oil auction yet, with as much as $50 billion expected in auction proceeds. The areas up for auction are blocks Petrobras have previously explored and held rights for taking up to 5 billion barrels from those pre salt fields. As much as 15 billion barrels could still remain, and winning bidders will have to make some sort of payment arrangement to compensate Petrobras for exploration it has already done in this area.

These payments, which the winning bidders have 18 months to agree on, could net Petrobras anywhere from $25 billion to $45 billion.

By Julianne Geiger for Oilprice.com

ADVERTISEMENT

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News