Schlumberger to Cut 11,000 Oil Jobs

April 17, 2015 Share Print 0

Cheap oil is great for drivers, but bad news for those in the industry.
Another 11,000 people lost their jobs at Schlumberger, a company that provides tools and services for oil and gas companies.

It’s the second big layoff at Schlumberger this year. It cut 9,000 workers in January. Schlumberger’s workforce is now 15% smaller than it was in mid-2014.

Oil prices have plummeted from $107 a barrel last June to about half that now.
“The abruptness of the fall in activity, particularly in North America, required us to take additional actions during the quarter,” the company said Thursday.

Schlumberger (SLB) operates in more than 85 countries.

via CNN

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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 has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. 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.