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Global oil and gas industry workforce cuts due to oil crises 2014-2020

Sharp consumer demand decline and ramped up production by Saudi Arabia due to the coronavirus pandemic are expected to have a significant impact on employment in the global oil and gas industry during 2020. Over one fifth of those currently employed as of March 2020 could lose their job, with the shale sector expected to be the worst hit. This compares to an average employment reduction of 30 percent during the last oil crisis that took place in 2016.

Comparison of employment reductions in oil and gas industry sectors worldwide due to the oil crises in 2016 and 2020

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Sources

Release date

March 2020

Region

Worldwide

Survey time period

2014 to 2016; 2019 to 2020

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