The petroleum industry is facing a new round of job cuts due to falling crude prices and major company mergers. Brent crude prices, currently around $63–64 per barrel, have dropped by about 10% this year. To manage costs and keep profits stable, leading oil companies are reducing staff, which may affect supply chains and downstream markets.
ExxonMobil’s subsidiary, Imperial Oil, plans to cut 20% of its workforce (around 900 jobs) by 2027 and move its Calgary office to Edmonton by 2028. ExxonMobil itself will remove about 2,000 positions as part of office consolidation. ConocoPhillips and Chevron are also planning large-scale layoffs — up to 3,250 jobs at ConocoPhillips and 15–20% of Chevron’s workforce, partly linked to its merger with Hess. BP is also reducing nearly 7,000 roles.
Experts say that “shale fatigue” and tougher regulations could lead to a decline in U.S. onshore oil output by about 170,000 barrels per day in 2025. Service companies like Halliburton and SLB have already cut 20–40% of their staff in several divisions. If oil prices remain low, more job losses could follow, causing delays and supply shortages across the petroleum sector.
What It Means for the Industry
These changes show that the oil industry is entering a restructuring phase. Companies are now focusing more on automation and digital solutions to lower costs and increase efficiency. While this shift could drive innovation, it may also reduce jobs, especially non-technical ones. Supply chains might face short-term disruptions, but the move toward smarter, more efficient operations could help stabilize the market in the long run.
Editor-at-Large
A passionate writer in the lubricant industry, Awais Iqbal has been covering oils, greases, and industrial fluids since the start of his career. At 25, he’s already written for blogs, catalogs, and brand guides across the UAE. Awais’s insights help companies connect with their audience, and his clear, helpful writing style is trusted by brands in the region.
