100,000 Layoffs on Oil Price Slump

100,000 Layoffs on Oil Price Slump100,000 Layoffs on Oil Price Slump

Layoffs in the oil and gas industry are nearing 100,000 worldwide since oil price started declining late last summer, TradeArabia reported. Oilfield service companies Schlumberger, Baker Hughes, and Halliburton announced layoffs of around 20,000, 10,500, and 9,000 employees respectively, while E&Ps BP and Chevron each announced layoffs approaching 10,000 of their employees, according to Douglas-Westwood, a leading provider of market research in engineering and energy industry.