Petrobras says Brazil strike cut oil output 115,000 barrels/day

[RIO DE JANEIRO] Brazil's state-run oil company Petroleo Brasileiro SA said late Monday that a weeklong strike is cutting its Brazilian oil output by about 115,000 barrels a day, or about 5.5 per cent of output before the labor action began on Nov 1.

The company and Brazil's two main oil union federations met on Monday without coming to an agreement over labor demands that Petrobras restore cut investments and end plans to sell assets to help pay its more than US$130 billion in debt, the largest of any oil company.

REUTERS