REUTERS: Chevron Corp will cut 10per cent to 15per cent of its worldwide workforce as part of an ongoing restructuring at the second-largest U.S. oil producer.
U.S. crude oil prices have nearly halved this year to about US$33 a barrel as the COVID-19 pandemic slashed travel and led to stay-at-home orders that have cut oil demand by as much as 2 million barrels per day. Chevron this month said it would reduce planned U.S. shale output by about 125,000 bpd. Chevron's proposed job cuts match those at oilfield service companies and many smaller producers amid the price collapse.
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