Brazil oil workers begin strike in new blow to government

[Eugene]

Source: Reuters

WORLD NEWS MAY 30, 2018 / 2:12 AM / UPDATED 19 MINUTES AGO

Brazil oil workers begin strike in new blow to government

Marta Nogueira, Brad Brooks
5 MIN READ

RIO DE JANEIRO/SAO PAULO (Reuters) - Brazilian oil workers began a 72-hour strike on Wednesday in a new blow to President Michel Temer following a nationwide trucker protest that has strangled Latin America’s largest economy for over a week.

The strike is the latest challenge for state-led oil firm Petroleo Brasileiro SA, whose shares have plummeted nearly 30 percent since May 16 over fears that political interference would unwind more investor-focused policies.

Late on Tuesday, Reuters reported that Temer was considering an overhaul of a market-based fuel pricing policy at Petrobras, which could provoke even more investor flight.

The oil strike was declared illegal by Brazil’s top labor court on Tuesday, but FUP, Brazil’s largest oil workers union, said it had not been informed of the ruling and planned to go ahead with the stoppage.

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Read more: https://www.reuters.com/article/us-brazil-transportation/brazil-oil-workers-begin-strike-in-new-blow-to-government-idUSKCN1IV0HJ

[GatoGordo]

1. Hopefully, they don't get fired en masse (ala PdVSA in 2002-2003)

The skilled workers at PdVSA struck for better wages and benefits, and Chavez fired them all and replaced them with Chavista (PSUV) loyalists. Most left Venezuela and went to Brazil (or Mexico or the US) to find work.

I don't know the backstory on this strike. I do know that PetroBras is pumping out more than ever to make up for the market-share that Venezuela has lost. (pumping out oil at 1949 levels)