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Story by Bloomberg

Petroleo Brasileiro SA reached an agreement to end a two-week national strike that reduced output in 50 platforms to protest spending cuts and asset sales that threaten jobs, a workers group said.

FUP, an umbrella group for Brazilian oil-worker unions, reached an accord with the state-controlled producer after meetings with Chief Executive Officer Aldemir Bendine, it said in a note on its website Friday. Petrobras, which offered workers a 9.53 percent paycheck raise, hasn’t immediately confirmed the end of the strike.

Petrobras, the world’s most indebted major oil producer, had its output cut by 115,000 barrels a day over the past weekend, according to the latest update from the company earlier this week. Chief Financial Officer Ivan Monteiro said most of the provisions to meet the pay raise have already been booked in third-quarter results released on Thursday.

FUP recommended that local union leaders suspend the movement and send employees back to work, according to the note. The group said it was happy with the creation of a task force within 60 days to study alternatives to investments that Petrobras plans to cut.