Oil Price

Business • Jobs & Careers
Exxon plans on cutting 14,000 jobs as s oil demand shrinks
Exxon plans on cutting 14,000 jobs as s oil demand shrinks
Credit: unsplash.com / Zbynek Burival

Following a decrease in oil demand due to the Covid-19 pandemic, Exxon Mobil announced a global cut of its workforce by 15%. Around 14,000 jobs worldwide could be affected, including contractors.

Prior to the pandemic, Chief Executive Darren Woods pursued an ambitious spending plan to boost oil output in the belief a growing global middle class would demand more of its products.

Business • Economy
Price for US Western Texas Intermediate oil turns negative
Pumpjack located south of Midland, Texas
Pumpjack located south of Midland, Texas Credit: Eric Kounce (Creative Commons CC0 Waiver)

Oil producers have started paying buyers to take the oil out of their hands, as storage capacity is running low. A worldwide overproduction of oil is currently recorded due to a decline in demand following the spread of the coronavirus.

The lowest recorded price for a barrel (around 159 liters) of West Texas Intermediate oil was recorded at minus $37.63.