Oil Price Slump – More Pain Ahead

Since the GFC in 2008, there has never been a real economic recovery in the world. If ever there was, it was just temporary. Unemployment has always been rising, job security was a thing of the past regardless whether you are a staff employee or just on contract.

With the gloomy oil price forecast, there will be more pain ahead particularly those people who one way or another are involved in the oil & gas industry. Unemployment is still rising. Most EPC companies in this industry has reduced their manpower to only about 25% compared to the number several years ago. Those who still remained employed are currently experiencing reduction in rates up to 15% which is a better option than having to be going back into the job market again with no guarrantee when to land a worthy job.

The oil price is still on its down turn, there will more pain ahead for people in the industry.