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U.S. oilfield services provider Halliburton HAL.N has been cutting staff in recent weeks, according to two sources familiar with the matter, marking the latest workforce reduction in the U.S. oil industry as it faces rising costs and a period of lower prices and volatility.
Global benchmark Brent crude oil prices have dropped more than 10% this year amid uncertainty over global trade policies and as the Organization of the Petroleum Exporting Countries and allies raise output. U.S. oil company ConocoPhillips this week announced it would cut up to 25% of its staff to reduce costs.
The scope of Halliburton's layoffs was not immediately clear.
Posted In: HAL
