Brazil’s top labor court on Thursday ruled in favor of workers at Petrobras in a wage dispute that could cost the world’s most indebted oil company up to 17 billion Reais (US$ 4.5 billion). Petrobras may still appeal the Superior Labor Court’s ruling in the case, brought by oil workers seeking more pay.
Brazil has produced 3.3 million barrels per day (b/d) of petroleum and other liquids so far in 2017, according to data through August, up from 3.2 million b/d in 2016, making it the ninth-largest producer of petroleum and other liquids in the world. Production of crude oil in Brazil increased in recent years as producers targeted large, offshore, pre-salt oil deposits. Brazil’s pre-salt oil production in 2016 reached a record 1.02 million b/d, surpassing the 2015 production level by 33%.