Petrobras Cancels Oil Strike Talks, May Set New Date

Reuters

RIO DE JANEIRO, Nov 10 (Reuters) - Brazil's state-controlled oil producer Petroleo Brasileiro SA canceled talks with union leaders planned for Tuesday aimed at settling a strike that is now in its ninth day.

Members of oil union FUP have been on strike at Petrobras, as the company is known, since Nov. 1 in the biggest labor action against it in 20 years.

The union wants Petrobras to reverse plans to reduce capital spending and force it to cancel asset sales designed to lower the company's $130 billion debt, the largest of any oil company in the world. In a statement, Petrobras said it is working on "proposals" that could be presented to workers, without giving a timetable.

Once a new date for talks is set, workers will be informed, the statement added.

Petrobras' press office said on Tuesday that the strike was cutting oil output by about 115,000 barrels a day, the same amount as Monday. That is equal to about 5.5 percent of pre-strike oil output in Brazil.

(Reporting by Jeb Blount; Editing by Paul Simao and Matthew Lewis)

Copyright 2016 Thomson Reuters. Click for Restrictions.

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