• 6 minutes WTI @ 67.50, charts show $62.50 next
  • 11 minutes Saudi Fund Wants to Take Tesla Private?
  • 17 minutes Why hydrogen economics is does not work
  • 4 hours Starvation, horror in Venezuela
  • 3 mins The EU Loses The Principles On Which It Was Built
  • 39 mins Desperate Call or... Erdogan Says Turkey Will Boycott U.S. Electronics
  • 3 hours Crude Price going to $62.50
  • 4 hours WSJ *still* refuses to acknowledge U.S. Shale Oil industry's horrible economics and debts
  • 20 hours Anyone Worried About the Lira Dragging EVERYTHING Else Down?
  • 13 hours Chinese EV Startup Nio Files for $1.8 billion IPO
  • 24 hours Oil prices---Tug of War: Sanctions vs. Trade War
  • 1 day Correlation does not equal causation, but they do tend to tango on occasion
  • 1 day WTI @ 69.33 headed for $70s - $80s end of August
  • 24 hours Russia retaliate: Our Response to U.S. Sanctions Will Be Precise And Painful
  • 1 day California Solar Mandate Based on False Facts
  • 1 day Monsanto hit by $289 Million for cancerous weedkiller
Oil Falls Despite Crude Inventory Draw

Oil Falls Despite Crude Inventory Draw

Oil prices fell on Wednesday…

Philippines Cracks Down On Fuel Pirates

Philippines Cracks Down On Fuel Pirates

Though fuel smuggling in Southeast…

Shell Warns Of Further Job Cuts

shell refining

Shell may have to cut more jobs after laying off 12,500 people over the past year, CEO Ben van Beurden told The Telegraph. The new cuts would be prompted by a “continuous improvement drive,” he added.

Elaborating on what this drive would imply, Van Beurden noted jobs are becoming unnecessary as business operations get shut down, or positions being moved to another part of the world, or becoming redundant because of the drive for enhanced business efficiency.

After its US$53-billion acquisition of BG Group, which closed around six months after the start of the price rout, Shell has been struggling to make ends meet, cutting costs, slashing jobs and shelving projects, including its massive Arctic exploration project.

Now, despite a certain improvement in prices and synergies coming in from the tie-up with BG Group, the situation is still tough and layoffs are one of the easiest ways to cut costs, as demonstrated across the oil and gas board, where job losses are in six-figure territory to date, raising concerns the industry may well be in for a workforce shortage in the not too distant future.

In his interview with The Telegraph, Van Beurden also said that he expected oil prices to remain volatile in the coming years but that eventually they will rebound more consistently. He could not, however, point to any price level that will see prices stabilizing after the volatility subsides.

By Irina Slav or 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