In another reminder that oil markets have little relief on the supply side, Brazil faces a five-day period with 300,000 barrels per day reduced production due to oil workers striking over working conditions. I mentioned a few posts back that Nigerian production regularly faces similar reductions due to pipeline sabotage and strikes. The problem is we rely on Brazil to grow production to help soften prices. But this projected 1.5 million barrel reduction over the next five days represents .2% of their annual production, a sizable chunk in today’s tight market. (more…)