Monday, November 13, 2023

Job Cuts and Layoffs Related to Oil Price Slump

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Abu Dhabi’s Etihad Rail cuts almost a third of its workforce
Etihad Rail has cut about 30 per cent of its workforce, as Abu Dhabi seeks to trim costs after the slump in the oil.

“We have introduced a restructuring initiative across the company to further streamline our operations as well as our internal procedures and processes,” a company spokesman said in an emailed statement, without disclosing the number of dismissals. “These changes involve a number of staffing adjustments, as we move towards a flatter management structure.”

BP to axe 1 in 5 North Sea jobs as oil giant cuts 4,000 staff worldwide
The British oil and gas group is laying off 600 people in Scotland in a cost-cutting drive that will involve 4,000 employees axed worldwide. The redundancies are taking place against the backdrop of a slumping oil price, which has hit industry profits and forced producers to shelve projects around the world worth hundreds of billions of dollars.

Schlumberger cuts 10,000 jobs amid oil price rout
The latest wave of cuts means Schlumberger has axed 34,000 employees, or 26 per cent of its original workforce, since November 2014.

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