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In Practice, The Figures Represent Cuts of 5 to 7 Thousand People, Worldwide
The oil and gas sector has faced tough days, since the strengthening of the spread of coronavirus and the restrictive measures to contain it. With the drop in demand for all oil-derived products and the decline in barrel prices, the impacts on the sector have been recurring. This time, the multinational Chevron announced that it will implement a cut of between 10% and 15% in its workforce this year.
See Also Other News of The Day:
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The aim of the reduction, according to the company, is to cut costs in light of the largest crisis in the oil industry in recent decades. In practice, what is being discussed in the market is that the cuts will affect around 5 to 7 thousand people.
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In March of this year, Chevron had announced an initial cut of US$ 4 billion in its investment programs. Now in May, the company reported an additional cut of US$ 2 billion, citing a resilience measure to face the low demand for oil.
Regarding the cuts to its workforce, the company stated that “This is a difficult decision, and we are not taking it lightly.”
According to Pierre Breber, the company’s CFO, the reductions should affect all sectors of the company, but should be somewhat more concentrated in corporate and support functions.
National Agency of Oil (ANP) Makes New Flexibility of Rules in Supply
One of the measures was the elimination of the prior requirement for inspection of fuel storage facilities for granting operation authorization. This measure was temporarily suspended due to the current pandemic scenario, in which social isolation rules are in effect.
Additionally, beyond this measure, the agency exempts liquid and aviation fuel producers from complying with rules (resolutions) that determine the formation of stocks of gasoline, diesel, and aviation kerosene.
