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Exxon plans to cut 1,600 jobs across Europe

Last month, Exxon announced voluntary layoffs in Australia and said that job cuts will continue globally into 2021.
05.10.2020 - 18:01

US oil giant Exxon Mobil said on Monday it plans to reduce its European workforce by up to 1,600 across the company's affiliates by the end of 2021 as part of its global review.

OIL MAJORS ARE LOWERING SPENDING TO SAVE CASH

Exxon said country-specific cuts will depend on the oil major’s local business footprint and market conditions, after the coronavirus pandemic hammered demand for its products and crude prices tanked.

Oil majors are axing jobs, lowering spending and curbing dividends in order to save cash amid a dismal outlook over energy prices which are expected to remain lackluster for years.