37,000 job cuts in two years in the oil industry

oil industry climateOil industry.Photo: pixabay.com

In February the number of job cuts in oil industry was at more than 30,000. Now it nears 40,000 .

Stock- broker Truls Oma Erichsrud DNB Markets has got a an survey of all job cuts recorded in Norwegian media since oil prices began to decrease just over two years ago. The latest figures show that between 36,400 and 37,800 jobs are disappearing:

– The first year was the year when all the simple and easy cuts were made, such as temporary employees, and anyone who were able to retire.  I dare not guess what the situation will be like in one year  , but there are more cuts to come, some of them probably happen behind the scenes, he said.

He’s not very optimistic about the chances of those who have lost their jobs getting them back:
– To take an example: there are operations that required 10-15 people before, where technological solutions that require less people, so  jobs involving those kind of operations are less likely to return.


Source: NTB scanpix / Norway Today

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