As a fallout of the fall in oil prices, major oil companies are slashing budgets and trimming their employees.

The number of jobs cut from oil and gas companies around the world has now passed the 250,000 mark, with still more to come, according to industry consultant Graves & Co.

“I was surprised it’s gotten this far,” John Graves, whose Houston firm assists in oil and gas deals with audits and due diligence, according to report by Bloomberg.

The industry has left more than 1,000 rigs idle and slashed more than $100 billion in spending this year to cope with oil prices that have fallen by more than half since 2014.

Oil services, drilling and supply companies are bearing the brunt of the downturn, having accounted for 79 percent of the layoffs, according to Graves.

U.S oil producers resumed their pullback on drilling this week, idling 10 rigs in an effort to cut costs and stem the rising tide of crude supplies that’s gutted oil prices to about $40 a barrel.

The cuts extended a five-year low in activity after the two rigs added last week proved to be a short-lived pause in three months of downsizing.

http://www.financialwatchngr.com/2015/11/24/industry-job-loss-hits-250000-globally-as-oil-prices-slide-further/

Wot ws buhari thinkin wen he said he wud stabilise world oil price.

Diversification is key