A fall in demand arising from the coronavirus pandemic has led to a sharp fall in oil prices.
In March 2020, Rystad Energy projected the oilfield service industry will cut at least one million jobs in the coming year due to slowed projects. The research firm noted that the sector employs more than five million workers globally.
Overall the industry supports millions of other jobs in related fields. A 2015 analysis by an industry group estimated U.S. oil and gas industry employment at more than 10 million.