SINGAPORE: ExxonMobil’s decision to cut up to 500 jobs in Singapore signals wider industry challenges from declining demand and rising supply, analysts said.
The US energy giant on Wednesday (Oct 1) said it plans to reduce 10 to 15 per cent of its workforce in Singapore by end-2027, calling it a move to improve competitiveness in an “ever-evolving landscape” and to “position the business for future success”.
The announcement followed a global restructuring plan unveiled a day earlier, which will see the company laying off 2,000 jobs worldwide, or 3 to 4 per cent of its workforce.
Analysts pointed out that ExxonMobil’s cuts reflect broader challenges across the sector.
“It’s a demand-supply story affecting international oil and gas companies,” said energy consultant Tilak Doshi.
