Petrobras' Austerity Leads to Strike by Brazilian Oil Workers [Yahoo! Finance]
Petroleo Brasileiro S.A.- Petrobras American Depositary Shares (PBR.A)
US:NYSE Investor Relations:
investidorpetrobras.com.br/en
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Source: Yahoo! Finance
The strike, tentatively scheduled for May 29 and 30, is a response to stalled negotiations over variable compensation and what union leaders are calling “incoherent” cost-cutting measures. The announcement follows Petrobras' recent pledge to implement austerity steps in light of declining Brent crude oil prices. The company stated earlier this week that falling global prices would necessitate tighter financial controls and cost reductions across the board. Petrobras decided to revise its five-year strategic plan amid declining Brent crude prices, signaling a shift toward austerity. The company, during its first-quarter earnings call, highlighted that Brent prices near $65 per barrel necessitate project simplification and tighter spending while preserving key investments. This approach contrasts with the previous expansionary strategy encouraged by the company, which sought increased investment to boost jobs and the economy. Now, cost-cutting takes precedence, though the 2025 cap
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