Strictly: Drilling and oil-field services Message Board

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Gold/Mining/Energy : Strictly: Drilling and oil-field services

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To: Ronald J. Clark who wrote (31767)	11/12/1998 6:37:00 PM
From: Tomas	Read Replies (1) of 95453

Last month Shell predicted depressed oil prices would not recover any time soon, with the market glutted even as the ripple effects of the Asian economic crisis spread into other regions. Shell followed up last month's gloomy assessment of the oil industry by announcing today that it would cut 3,000 jobs across Europe. But the decision to sack so many employees has been attacked by trade unions: "Shell are in a feeding frenzy of down-sizing across the board, regardless of the business needs." Shell foreshadowed the cuts in September 1997 when it unveiled plans to shed 15 percent of the company's European work force. Interesting, in September 1997 crude oil traded close to $20... And now they point to the oil price and Asia as the main culprits for the job cuts. H'm!

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