Related Articles
Forward article link
Share PDF with colleagues

Anti-austerity protests hit Petrobras

Brazil's oil sector is in the grip of the worst strike in decades, threatening plans to reform the sector and ease the dreaded local content law - as well as hitting output

Brazil's state Petrobras has faced a revolt from the country's oil workers over plans to slash spending, shelve oil projects and sell assets. Strikes over the first three weeks of November shut down dozens of offshore platforms and disrupted downstream operations. Around 100,000 barrels a day (b/d) of output - 5% of Brazil's total - has been shut in, according to Petrobras, though the striking union workers put the figure much higher. It has disrupted Brazil's oil sector more than any strike in the last two decades. The strikers are demanding Petrobras' new management rip up its austerity plans. In response to the plunging oil price, a crippling corruption scandal, mounting debt and the fal

Also in this section
Venezuelan crunch time
17 November 2017
Venezuela faces steep bond payments before the end of the year. It is looking to Russia to help keep it from default
Taking a chance in Kurdish Iraq
16 November 2017
The KRG referendum result and subsequent Iraqi army offensive against the Kurds underline how risky it is for companies involved in the export and sale of Kurdish crude
Iraq—the end of the beginning
16 November 2017
Iraq's army has retaken Kurdish-controlled areas around Kirkuk in the north, while neighbouring states are considering their long-term response to the independence referendum