TotalEnergies accelerates refinery rate talks as fuel supply tightens

TotalEnergies on Sunday offered to bring forward annual wage talks in response to union demands to try to end a protracted strike that has disrupted supplies to almost a third of the country's gas stations.

"Provided the blockades end and all workers' representatives agree, the company proposes that the mandatory annual wage talks begin in October," the company said in a statement. Talks were originally scheduled to begin in mid-November. Union representatives had earlier told Reuters that strikes organized by the CGT, one of France's most militant unions, would continue. The strikes have disrupted operations at two ExxonMobil (NYSE:XOM) and two TotalEnergies plants. Nearly two weeks of industrial action has seen France's local fuel oil production drop by more than 60%, straining nerves across the country, while waiting lines are growing and stocks are running out. On Sunday, almost a third of France's gas stations had problems supplying at least one fuel product, up from 21% the day before, the energy ministry said. Energy Minister Agnes Pannier-Runacher said France had freed up its strategic reserves and increased imports. "These additional volumes should allow the situation to improve during the day on Monday," Pannier-Runacher said in a statement. Follow Global Economic Developments on Social Media! Click here to follow Ieconomy official Facebook account! Click here to follow Ieconomy official Instagram account! Click here to follow Ieconomy official Twitter account!