150,000 JOB CUTS
Job slashing from the oil bust reached a staggering 150,000 at the end of May, according to energy recruiting firm Swift Worldwide Resources.
In a recent Fuel Fix publication, Swift elaborated that when compared globally, the United States has seen the "the fastest and steepest decline." Layoffs have slowed dramatically as oil prices have just begun to regain some footing and companies have adjusted accordingly.
The recruiting firm tracks both public and non-public data, and it is possible the industry's layoffs surpass what the UK-based company has estimated, Swift CEO Tobias Read said in the report.
"Where data is not publicly available we have kept our ear to the ground and made assumptions based on likely impact," Read stated. "Our assumptions remain conservative and the likelihood is that total job losses probably substantially exceeds Swift's forecast."
Large cuts in the energy industry have made news for the first two quarters of 2015. Halliburton cut 9,000 jobs in six months and reported a loss of $643 million in Q1 of 2015. Schlumberger reported even deeper cuts that tallied around 11,000 in efforts to reduce personnel employment 15 percent when compared to the third quarter of 2014.
Some analysts believe the worst is over, and by the end of the year, the US could see a stout recovery. Analysts tend to agree that a slowdown in non-OPEC production, led by U.S. shale producers, and unrest in the Middle East and North Africa, particularly Iraq, would support prices this year.
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AN - China National Offshore Oil Corp. (CNOOC) is willing to invest $3 billion in its existing oil and gas operation in Nigeria, the Nigerian National Petroleum Corporation (NNPC) said on Sunday following a meeting with the Chinese in Abuja.
REUTERS - Production at Libya’s giant Sharara oil field was expected to fall by at least 160,000 barrels per day (bpd) on Saturday after two staff were abducted in an attack by an unknown group, the National Oil Corporation (NOC) said.
IMF - Output grew by 3.8 percent in 2017, underpinned by a resilient non-hydrocarbon sector, with robust implementation of GCC-funded projects as well as strong activity in the financial, hospitality, and education sectors. The banking system remains stable with large capital buffers. Growth is projected to decelerate over the medium term.
IMF - Higher oil prices and short-term portfolio inflows have provided relief from external and fiscal pressures but the recovery remains challenging. Inflation declined to its lowest level in more than two years. Real GDP expanded by 2 percent in the first quarter of 2018 compared to the first quarter of last year. However, activity in the non-oil non-agricultural sector remains weak as lower purchasing power weighs on consumer demand and as credit risk continues to limit bank lending.