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150,000 oil and gas jobs lost worldwide

Since oil prices began their dramatic decline last summer, over 150,000 jobs in the oil and gas industry have been cut across the globe, according to a recent report from oil and gas job services company Swift Worldwide Resources.

As reported by Rigzone, the Swift report states that the United States witnessed the “fastest and steepest decline” of oil and gas jobs and that the North Sea offshore market had been “hit hard” as well.

Swift CEO Tobias Read noted that while the job cuts are affecting direct employees, contractors are generally the first to be laid off and aren’t accounted for in typical layoff statistics. In the report, Read said, “The contractor market in the oil and gas sector is a huge silent community which comprises upwards of 100,000 professional-grade workers and similar skills.”

The report found that in international markets controlled by state-owned oil companies, there has been a significant slowdown of new projects, and more layoffs can be expected. Of these markets, Southeast Asia has yet to be hit with substantial layoffs, but shipyards in Korea, China and Singapore are expected to be impacted. The Middle East has continued on a sustainable path, though job creation has slowed. The majority of cuts made by major operators has been in the upstream sector, but many of the cuts have been “done sympathetically through accelerated early retirement programs.”

According to Petro Global News, the continued volatility of oil prices combined with the slide in rig counts has caused oil and gas companies to play it safe and pause hiring plans. A survey conducted by Rigzone showed that 51 percent of hiring managers around the world said they have slowed hiring efforts over the course of the past three months. Another 13 percent of the survey’s participants reported the implementations of hiring freezes during the current quarter.

Additionally, the survey found that 54 percent of hiring managers across the globe believe that additional job cuts within the next six months are likely. Rigzone found that 65 percent of hiring managers surveyed also anticipate headcount budgets to decline throughout the course of the year. However, roughly 70 percent of hiring managers expect the number of voluntary departures to drop in the next six months.

Some job losses, though, are not made public. To account for this in its report, Swift made assumptions based on likely impact. Read said, “Our assumptions remain conservative and the likelihood is that total job losses probably [greatly] exceed Swift’s forecast.”

20 comments

  1. Sad but how many were gained due to more disposable income?

  2. Oh well. At least we’re done punching holes into the earth. That was a waste of time and effort.

  3. yeah, real smart to base your life and local economy on a boom/bust industry.

  4. We arnt done drill you ignorant people. The stock market built around the oil price. Enjoy while you can, when this war breaks out ever thing takes oil to be made and at the pump will increase more than ever. And us oil field people be laughing. Happens every 4 years….8th year the worse enjoy 2016 and 2017 stuffs gonna hit the fan. I know hell alot more than y’all and still in the field

  5. As long as they are Fracing jobs this is a good thing …

  6. I’m ready for another round! Boom baby boom!

  7. Subsea is still going strong

  8. Wait a minute, 150,000 jobs? That’s not right. Obama is credited with making millions of jobs and in fact, his strategy and execution during office has made the unemployment rate drop every month! Look at the unemployment figures his administration puts out every month! 150,000 lost jobs are never on that…oh wait. Could there be a way to hide numbers of actual jobs and unemployment?

  9. We are supporting foreign oil and gas if we are not getting our natural resources from our own country! People don’t realize we can’t live without this in our world! So why not support our own and stop supporting overseas? Come on we are better than this USA!! Support oil in America soil peeps!!!

  10. Still baby drill!!! Stop supporting foreign oil!! American soul American oil!!

  11. a to all my fracers not a job last forever

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