Meetings between striking oil workers and Brazil’s Petrobras have failed to stop an open-ended strike called last week.

Petrobras said that it held two meetings with striking unions on Monday but failed to reach an agreement.

The company is scheduling more meetings set to take place later this week.

An unnamed Petrobras official told Reuters the company expects to reach an agreement with the striking unions by the end of the week.

The unions are asking for an 18 percent salary bump and are demanding that Petrobras cancel its plans to sell about $15.1 billion in assets along with keeping local content rules in place and ensuring it is the only operator in Brazil’s pre-salt play.

“Our demands are not for salaries, but in defense of national sovereignty and that the company goes back to being the impulse for development of the country,” Brazil’s largest oil worker union FUP told Reuters.

Last week, state-owned Petrobras said it had offered workers an 8.1 percent wage adjustment.

The strike’s estimated impact on oil production has hovered around 115,000 barrels per day since November 7, Petrobras said.

However, officials with FUP have repeatedly said the company is underestimating the production impact.

The union claims that industrial action has affected up to 400,000 barrels of production per day, Reuters added.

Analysts told Reuters last week that the oil production dip could cost Petrobras, already the most indebted oil company in the world, up to $25 million in revenue per day.


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