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ExxonMobil to cut 14,000 jobs as COVID-19 pandemic hits oil demand


ExxonMobil to cut 14,000 jobs as COVID-19 pandemic hits oil demand
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29 Oct 2020 11:50PM
(Updated:
30 Oct 2020 02:33PM)
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NEW YORK: ExxonMobil said on Thursday (Oct 29) it could cut its global workforce by about 15 per cent, including deep white-collar staff reductions in the United States, as the COVID-19 pandemic batters energy demand and prices.
ExxonMobil and other oil producers have been slashing costs due to a collapse in oil demand and ill-timed bets on new projects. The top US oil company earlier outlined more than US$10 billion in budget cuts this year.
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"The impact of COVID-19 on the demand for ExxonMobil's products has increased the urgency of the ongoing efficiency work," the company said in a statement.

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