Halliburton, a US-based oilfield services provider, is reportedly reducing its workforce in response to current economic pressures in the oil industry, according to Reuters, citing two sources with knowledge of the matter.

This move comes as the sector grapples with rising costs, lower prices and increased volatility.

Global benchmark Brent crude oil prices have decreased by more than 10% in 2025, influenced by uncertainties over trade policies worldwide and increased output from the Organization of the Petroleum Exporting Countries (OPEC) and its allies.

The extent of the layoffs at Halliburton has not been disclosed.

However, sources involved in the process have indicated that the cuts have been implemented over several weeks and have affected at least three business divisions, with employee reductions ranging from 20% to 40%.

Halliburton, which ranks third globally in terms of oilfield services by revenue, has not commented on the staff reductions.

Recently, US oil company ConocoPhillips declared its intention to slash its workforce by up to 25% to curtail expenses.

Oilfield services companies like Halliburton offer essential support to the oil and gas industry, including technical expertise, equipment, and labour for drilling and production activities.

As of the end of 2024, Halliburton had a workforce of 48,395 employees, according to its annual report.

The company had previously signalled a potential decline in its full-year revenue, citing lower activity in the oil and gas sector.

In a recent earnings call, Halliburton CEO Jeff Miller remarked that the landscape of the oilfield services sector has undergone a significant transformation compared to three months prior, highlighting a deceleration in activity within North America and among major national oil companies elsewhere.

Miller said: "To put it plainly, what I see tells me the oilfield services market will be softer than I previously expected over the short to medium term.”