Job Cuts in Oil and Gas – More than 250,000 around the world

The number of jobs gutted from oil and gas companies around the world has now passed the 250,000 mark, with still more to come, according to industry consultant Graves & Co.

“I was surprised it’s gotten this far,” John Graves, whose Houston firm assists in oil and gas deals with audits and due diligence, said Friday in a phone interview.

The industry has idled more than 1,000 rigs and slashed more than $100 billion in spending this year to cope with oil prices that have fallen by more than half since 2014. Oil services, drilling and supply companies are bearing the brunt of the downturn, having accounted for 79 percent of the layoffs, according to Graves.

Chosen excerpts by Job Market Monitor. Read the whole story at Global Oil Job Cuts Top 250,000 – Bloomberg Business