By Brazil Stock Guide – Brazil’s oil workers approved a new collective bargaining agreement with Petrobras (B3: PETR3, PETR4), leading to the suspension of a national strike across most of the company’s operations. Thirteen of the 14 unions affiliated with the Federação Única dos Petroleiros (FUP) ratified the deal in workplace assemblies held this week, allowing production and refining activities to normalize in the majority of Petrobras’ units.
The agreement addresses three core demands raised during the stoppage at the state-controlled oil producer, which employs roughly 45,000 workers nationwide and supports one of Brazil’s largest corporate pension systems. On pensions, Petrobras signed a formal commitment to pursue a definitive solution for long-running deficit recovery plans that have required additional contributions from active employees and retirees for several years, making the issue one of the most sensitive points in recent labor negotiations.
The pension process will be monitored under mediation involving Brazil’s federal audit court, the Tribunal de Contas da União, a key oversight body for state-owned companies and pension liabilities. Union leaders have argued that the involvement of the audit court is critical to ensuring that any final solution is legally sustainable and financially viable.
On economic and social terms, the contract expands benefits for active workers, retirees, pensioners and contracted staff. Measures include a one-off bonus, increases to meal and food allowances, the creation of a monthly food benefit, and reductions in commuting-related costs. The deal also preserves and adjusts Petrobras’ health-care plan, introduces limited amnesties related to the strike, corrects regional pay distortions and reinforces commitments on workplace safety, social protection and diversity.
Beyond pay and benefits, the agreement establishes a permanent forum to discuss broader strategic issues, including a “just” energy transition, the long-term role of Petrobras in Brazil’s economy and the future of its subsidiaries. Ratifying the deal also prevented the dispute from being referred to Brazil’s labor courts, a step that could have suspended negotiated clauses and delayed benefits while litigation unfolded.
The strike remains in place only at the Sindicato dos Petroleiros do Norte Fluminense, which represents employees in Brazil’s North Fluminense region. The area includes offshore operations in the Campos Basin, historically one of Petrobras’ most important oil-producing hubs. FUP said it respects the local decision and will continue talks aimed at ending the remaining stoppage.