Recruitment in the global oil industry is slowing increasing and will continue into the second half of the year, one industry employment website has said.
“The [oil price] trend is up. It’s probably going to be slowly up and the jobs market will follow that,” Mark Guest, managing director of Dice Energy International, which includes oil recruitment website Rigzone, said by phone.
In the US, oil companies have accounted for 34 per cent of the 201,796 job cuts so far this year as of April 1, according to outplacement firm Challenger, Gray and Christmas.
Guest said job postings on the OilCareers.com, a United Kingdom-focused site that merged with Rigzone earlier this year, were down 25 per cent in the first quarter.
Rigzone, a subscription based site for oil industry job postings, has 3 million members and 2 million Cvs, according to Guest.
Guest said there has been in a drop in the number of job postings following the oil price drop that started in June 2014 when it fell from a high of $115 (Dh422) a barrel for Brent crude, the global marker for oil prices, to a low of $45 a barrel in January. Prices have since rebounded and on Tuesday Brent was trading up 0.28 per cent, or $0.19, to $67 a barrel as of mid-afternoon local time.
But job listings are “just beginning to increase,” Guest said.
“$65 a barrel is good, [but] $70 [a barrel is when] we will start to see the market pick up quite nicely,” he said.