Oil Giants Slash Jobs and Projects Amid Crude Price Collapse

Brent crude's plunge below $66 has triggered aggressive cost-cutting measures across the oil sector, surpassing even 2020's austerity levels. Chevron and BP lead the downsizing, axing thousands of jobs while scrambling to identify billions in additional savings. The US shale industry bears the brunt of the downturn, with ConocoPhillips joining the wave of layoffs as operators fail to break even at current prices.

OPEC+'s production increase compounds the crisis, creating oversupply concerns that Morgan Stanley warns will force more majors to follow BP's buyback reductions. Even state-backed Aramco isn't immune, monetizing pipeline assets in a $10 billion deal. The bloodletting spans continents, with Malaysia's Petronas eliminating 5,000 positions in a sector-wide scramble for liquidity.