Oil Layoffs Hit 200,000

Christopher Forbes, energy analysts and journalist for Forbes has written the collapse in oil prices has so far claimed more than 200,000 jobs worldwide. The data collected over the past year by  staff at Oklahoma City-based Continental Resources.

The collapse in oil prices has so far claimed more than 200,000 jobs worldwide. Leading the bloodbath are the oilfield service giants; Schlumberger SLB -0.50% has axed more than 20,000 oilfield service workers, about 15% of its staff. Rival Halliburton HAL -2.04% is cutting 18,000, Weatherford International 14,000, and Baker Hughes BHI +8.38% 13,000. Among the big integrated oil companies Royal Dutch Shell appears to have the highest total with 7,000 laid off.

He states the knock on effect has stretched farther afield with US companies like Caterpillar cutting 5,000 job, and Siemens 13,000. Makers of steel drilling pipe have been hit, as have miners of sand used in fracking and the manufacturers of rail cars used to transport crude oil. This has coincided with the mothballing of more than 1,100 drilling rigs and a halving of capital spending.

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Source: Forbes  Licence: Creative Commons
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