The oil and gas industry has cut 51,000 jobs globally in March

21 April 2020 (Last Updated April 21st, 2020 16:49)

The oil and gas sector lost nearly 51,000 drilling and refining jobs in March 2020 amid the ongoing coronavirus Covid-19 crisis in March 2020, a 9% reduction that is likely to get worse after oil prices went negative on Monday, Bloomberg reported.

The oil and gas sector lost nearly 51,000 drilling and refining jobs in March 2020 amid the ongoing coronavirus Covid-19 crisis in March 2020, a 9% reduction that is likely to get worse after oil prices went negative on Monday, Bloomberg reported.

March’s job losses rise by 15,000 when roles such as construction, manufacturing of drilling equipment, and shipping are added, according to BW Research Partnership. The research consultancy, which worked with data by the US Department of Labour, paired with the firm’s survey data of about 30,000 energy companies.