Brazil Oil Workers Begin Strike In New Blow To Government

Brazilian oil workers began a 72-hour strike on May 30 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 affecting several rigs, refineries, plants and ports is the latest challenge for state-led oil firm Petroleo Brasileiro SA (NYSE: PBR), whose shares have tumbled nearly 30% in two weeks over fears that political interference would unwind more investor-focused policies.

Late on May 29, Reuters reported that Temer was considering an overhaul of a market-based fuel pricing policy at Petrobras, which could provoke even more investor flight. Temer’s office said in a May 30 statement that he would preserve the policy.