250,000 laid off from oil and gas sectors since last year

250,000 laid off from oil and gas sectors since last year

More than 250,000 people have been laid off from the oil and gas industries with more to come, Houston-based consultant Graves & Co has revealed.

The industry has idled more than 1,000 rigs and slashed more than $100bn in spending this year to cope with oil prices that have fallen by more than half since 2014

With many analysts predicting low oil prices will stay for at least two more years the amount of redundancies is expected to climb above 300,000 in the coming months.

 

 

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

Related Posts