Chevron Nigeria to cut 25 percent workforce as global oil demand fluctuates

*Oil company says ‘we must make the necessary adjustments in light of the prevailing business climate’

Isola Moses | ConsumerConnect

As the far-reaching fallout of the outbreak of the COVID-19 pandemic is becoming more obvious than ever in connection with wobbling demand for global oil, Nigeria’s Chevron unit has said it plans to cut 25 percent of its workforce for more efficiency and reduction of operating costs.

ConsumerConnect reports the international oil company, in a statement, said: “The aim is to have a business that is competitive and an appropriately-sized organisation.
“We must make the necessary adjustments in light of the prevailing business climate.”

Chevron Nigeria employees began a strike Friday, October 2 while union representatives accused the company of seeking to replace laid-off Nigerians by shifting their jobs abroad.

However, the company in its statement said there were no plans to move Nigerian jobs out of the country and said employees would stay in their jobs until the reorganization is complete.

Recall that the International Energy Agency recently trimmed its forecasts for fuel consumption for the rest of the year.

It warned that the global oil market was increasingly “fragile” as new outbreaks of coronavirus derail the recovery.