BRASILIA: As a result a 12-day strike will continue. The strike has reduced output by about 115,000 barrels a day, or about 5% of daily output before the strike began on November 1.
Petrobras has offered workers a 9.54% wage hike on Wednesday, Reuters added. That’s about half the 18% the union had demanded.
Wages, however, are not the FUP’s biggest demand. FUP is Brazil’s largest oil workers union federation.
FUP is looking to set up a meeting with Petrobras in order to discuss guarantees that strikers will not be punished for walking off the job, that they will be paid for the time they were on strike and that workers at Brazil’s Parana state will have their contract brought in line with those at FUP, Reuters continued.
Separately, TheStreet Ratings team rates PETROLEO BRASILEIRO SA- PETR as a Sell with a ratings score of D. TheStreet Ratings Team has this to say about their recommendation:
We rate PETROLEO BRASILEIRO SA- PETR (PBR) a SELL. This is driven by a few notable weaknesses, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company’s weaknesses can be seen in multiple areas, such as its disappointing return on equity, generally disappointing historical performance in the stock itself, deteriorating net income, generally high debt management risk and feeble growth in its earnings per share.
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