• 50 mins Montenegro A ‘Sweet Spot’ Of Untapped Oil, Gas In The Adriatic
  • 3 hours Rosneft CEO: Rising U.S. Shale A Downside Risk To Oil Prices
  • 4 hours Brazil Could Invite More Bids For Unsold Pre-Salt Oil Blocks
  • 5 hours OPEC/Non-OPEC Seek Consensus On Deal Before Nov Summit
  • 6 hours London Stock Exchange Boss Defends Push To Win Aramco IPO
  • 7 hours Rosneft Signs $400M Deal With Kurdistan
  • 9 hours Kinder Morgan Warns About Trans Mountain Delays
  • 16 hours India, China, U.S., Complain Of Venezuelan Crude Oil Quality Issues
  • 21 hours Kurdish Kirkuk-Ceyhan Crude Oil Flows Plunge To 225,000 Bpd
  • 1 day Russia, Saudis Team Up To Boost Fracking Tech
  • 1 day Conflicting News Spurs Doubt On Aramco IPO
  • 1 day Exxon Starts Production At New Refinery In Texas
  • 1 day Iraq Asks BP To Redevelop Kirkuk Oil Fields
  • 2 days Oil Prices Rise After U.S. API Reports Strong Crude Inventory Draw
  • 2 days Oil Gains Spur Growth In Canada’s Oil Cities
  • 2 days China To Take 5% Of Rosneft’s Output In New Deal
  • 2 days UAE Oil Giant Seeks Partnership For Possible IPO
  • 2 days Planting Trees Could Cut Emissions As Much As Quitting Oil
  • 2 days VW Fails To Secure Critical Commodity For EVs
  • 2 days Enbridge Pipeline Expansion Finally Approved
  • 2 days Iraqi Forces Seize Control Of North Oil Co Fields In Kirkuk
  • 2 days OPEC Oil Deal Compliance Falls To 86%
  • 3 days U.S. Oil Production To Increase in November As Rig Count Falls
  • 3 days Gazprom Neft Unhappy With OPEC-Russia Production Cut Deal
  • 3 days Disputed Venezuelan Vote Could Lead To More Sanctions, Clashes
  • 3 days EU Urges U.S. Congress To Protect Iran Nuclear Deal
  • 3 days Oil Rig Explosion In Louisiana Leaves 7 Injured, 1 Still Missing
  • 3 days Aramco Says No Plans To Shelve IPO
  • 6 days Trump Passes Iran Nuclear Deal Back to Congress
  • 6 days Texas Shutters More Coal-Fired Plants
  • 6 days Oil Trading Firm Expects Unprecedented U.S. Crude Exports
  • 6 days UK’s FCA Met With Aramco Prior To Proposing Listing Rule Change
  • 6 days Chevron Quits Australian Deepwater Oil Exploration
  • 7 days Europe Braces For End Of Iran Nuclear Deal
  • 7 days Renewable Energy Startup Powering Native American Protest Camp
  • 7 days Husky Energy Set To Restart Pipeline
  • 7 days Russia, Morocco Sign String Of Energy And Military Deals
  • 7 days Norway Looks To Cut Some Of Its Generous Tax Breaks For EVs
  • 7 days China Set To Continue Crude Oil Buying Spree, IEA Says
  • 7 days India Needs Help To Boost Oil Production
Trump’s Iran Decision Haunts Big Oil

Trump’s Iran Decision Haunts Big Oil

Donald Trump’s Iran decision has…

James Burgess

James Burgess

James Burgess studied Business Management at the University of Nottingham. He has worked in property development, chartered surveying, marketing, law, and accounts. He has also…

More Info

Global Oil And Gas Job Losses: 350,000 And Counting

Oil Worker

A total of 351,410 jobs have been slashed by oil and gas production companies worldwide, with the oilfield services sector bearing much of this burden, according to a new report released this week.

The report, based on statistical analysis by Houston-based Graves & Co., puts the number of jobs lost in the oilfield services sector at 152,015 now—or 43.2 percent of the global total since oil prices began to slump in mid-2014.

The exploration and production (E&P) sector was the second worst sufferer, registering more than 80,000 layoffs, followed by the drilling sector, which has seen more than 52,000 job cuts.

Related: Oil Prices Slip As Stronger Dollar Outweighs Bullish IEA Data

U.S.-specific data from the report shows that nearly 100,000 people lost their jobs in the oil and gas extraction and supporting segments between October 2014 and January this year. More than half of those were in Texas, according to statistics from the U.S. Bureau of Labor.

“For a long time, job cuts in the E&P sector lagged behind the oilfield service, drilling and supply sectors as oil and gas producers attempted to hold on to important talent,” said John Graves, president of Graves & Co. “As the downturn has persisted beyond the expectations of many in the industry, the impetus to cut costs has significantly affected those responsible for finding, developing and producing oil and gas.”

Related: EPA Launches New Methane Rules For Oil And Gas

Job cut counts used in the report are based on public announcements, WARN Act notices and extrapolations from the Baker Hughes rig count.

The analysis was launched in January 2015 and includes job data and layoff announcements dating back to June 2014, when crude oil prices began their downward slide.

In November 2015, Graves & Co. issued a similar report, showing 250,000 job losses in the sector worldwide at that time.

By James Burgess of Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News