Exxon Mobil Corporation (NYSE: XOM) is intending to slash 300 jobs in the Asian oil-trading hub of Singapore by the end of 2021. This decision has been made in connection with the global retrenchment that was declared in the previous year. The firm disclosed that the scheduled lay-offs are parallel to about 7% of its 4,000-strong labor force in the city-state.
In the past few months Chevron Corp, Royal Dutch Shell has also planned the same for their workforce. Earlier in October, Exxon stated that it has decided to cut about 15% of jobs or nearly 14000 people by the end of 2022. Due to the coronavirus pandemic, the oil industry has seen a huge decline in prices.
Moreover, the oil industry has also experienced a hit as it confronts longer-term problems that arise as fossil fuels are steadily substituted by cleaner options. Meanwhile, Southeast Asian oil refineries may also come under strong pressure from huge plants being inaugurated in China. Shares of Exxon Mobil dropped 0.59% as it lost -0.33 during the trading session of Friday.
In November Shell has also declared that it is planning to slash oil-processing capacity at the Pulau Bukom complex in Singapore by half. This slashing has resulted from the job cut over the next three years. Chevron may slash 10% of its labor force in the city-state. Shell will slash as many as 9,000 jobs, and Chevron has decided to cut about 6,000 jobs. Moreover, Big Oil is also planning to slash nearly 10,000 jobs.