(Reuters) – Oilfield job losses from the COVID-19 pandemic topped 100,000 in the United States in August, according to a report released on Tuesday by trade group Petroleum Equipment & Services Association (PESA), even though some idled drilling projects have resumed.
There was 121,000 oilfield jobs lost in the last 12 months, the report said, with employment in the U.S. sector at its lowest level since March 2017. The bulk of those job losses, 103,420, have come since the pandemic began, the report said.
U.S. crude futures on Tuesday were trading about $37 a barrel, below the cost of production for many U.S. producers. Shale production was 7.6 million barrels per day (bpd) in August, down from 9.2 million bpd in February, before the pandemic crushed fuel demand,