ExxonMobil latest casualty in Big Oil layoffs as industry awaits recovery
It cuts 300 jobs in Singapore, but observers say Republic's competitive scene pushes players to be more efficient; global demand also set to improve
Singapore
OIL prices may be rebounding, but oil majors are still under pressure to restructure - as ExxonMobil's latest layoffs announcement shows. Structural shifts, including a growing emphasis on sustainability, require these companies to make changes to their operations. Nevertheless, some industry watchers are optimistic that the worst of the job cuts are over.
On Wednesday, ExxonMobil announced it would cut some 300 jobs at its Singapore affiliate, translating to about 7 per cent of its local workforce of more than 4,000. The Business Times understands that affected employees will be informed from March 8.
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Energy & Commodities
Philippines says US, China eyeing mining opportunities, especially in nickel
Gold set for best week in five on renewed US rate-cut hopes
Biden determined to keep US Steel in US hands: White House
Oil holds near one-week high on rising demand hopes after China, US data
India projects biggest power shortfall in 14 years
Japan’s NYK Line, Singapore’s GCMD to launch six-month biofuel bunker project