Job losses in the oil fields in USA due to Corona exceeded 100 thousand

A report published today, Tuesday, said that job losses in oil fields caused by the Covid-19 pandemic exceeded 100,000 in August, even though some stalled drilling projects resumed.
The report, published by the Petroleum Equipment and Services Association (PESA), added that 121,000 oilfield jobs lost in the past twelve months. Employment in the United States sector was at its lowest level since March 2017.
The report said that most of these job losses, 103,420 jobs, have occurred since the pandemic.
US crude futures traded today, Tuesday, around $ 37 a barrel, which is less than many American producers’ production costs.
According to data from the US Energy Information Administration, shale oil production in the United States reached 7.6 million barrels per day in August, down from 9.2 million barrels per day in February, before the pandemic crushed fuel demand.
Despite the grim numbers, the report found that the US energy sector’s job losses rate is slowing if only 2,600 jobs were lost last month, the lowest since the pandemic began in March.

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