Job slashing from the oil bust reached a staggering 150,000 at the end of May, according to energy recruiting firm Swift Worldwide Resources.
In a recent Fuel Fix publication, Swift elaborated that when compared globally, the United States has seen the “the fastest and steepest decline.” Layoffs have slowed dramatically as oil prices have just begun to regain some footing and companies have adjusted accordingly.
The recruiting firm tracks both public and non-public data, and it is possible the industry’s layoffs surpass what the UK-based company has estimated, Swift CEO Tobias Read said in the report.
“Where data is not publicly available we have kept our ear to the ground and made assumptions based on likely impact,” Read stated. “Our assumptions remain conservative and the likelihood is that total job losses probably substantially exceeds Swift’s forecast.”
Large cuts in the energy industry have made news for the first two quarters of 2015. Halliburton cut 9,000 jobs in six months and reported a loss of $643 million in Q1 of 2015. Schlumberger reported even deeper cuts that tallied around 11,000 in efforts to reduce personnel employment 15 percent when compared to the third quarter of 2014.
Some analysts believe the worst is over, and by the end of the year, the US could see a stout recovery. Analysts tend to agree that a slowdown in non-OPEC production, led by U.S. shale producers, and unrest in the Middle East and North Africa, particularly Iraq, would support prices this year.