Oil Industry Cuts 12,500 Jobs as Price Keeps Dropping

Sinking oil prices have prompted another round of heavy job cuts.
Royal Dutch Shell (RDSB) will slash 6,500 jobs in 2015 as part of a cost cutting drive. Another British firm Centrica (CPYYF) will shed 6,000 jobs, partly due to a reduced focus on oil and gas production.

The latest wave of job losses follow a period of relative calm for energy firms as global crude prices stabilized.

But oil has resumed its slide over the past two months and now trades just below $49 a barrel.
The American energy revolution and record OPEC output has created a massive supply glut at a time when global economic growth is depressing demand.

The prospect of more oil exports from Iran as Western sanctions are lifted is also pressuring prices.

via CNN

Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza