http://www.al-monitor.com/pulse/business/2015/12/saudi-arabia-labor-market-layoffs-unemployment.html#
8 replies (most recent on top)
Saudi is making a few drops more than they did two years ago. If they could make more, they would and the reality is they can but not overnight. Shale oil started this. Since shale is waning, it is easy to blame Saudi. Lifting of sanctions against Iran has complicated all this. More revenue to Tehran puts Riyadh at more risk (as well as Jerusalem). You can decide where that blame goes. This is way bigger than all of us combined. Just my 9 halalas.
It's very simple to say "LOL, IT'S THE SAUDI'S FAULT THEY FLOOD THE MARKET BY CONTINUING TO PUMP THE SAME AMOUNT OF OIL THEY HAVE THE PAST COUPLE OF YEARS!!!"
Oil is a fungible commodity, yes, so worldwide issues does affect stuff here, like at Chevron. However, the OP starting this thread about Saudi layoffs. Does this affect Chevron? Maybe, if you want to follow the thread all the way back (saudi cuts, chevron wafra cuts, expat returns, compete for jobs in US), but it's tenuous at best. Basically, the OP started a thread about a non-issue.
If the article specifically talks about Chevron operations, layoff plans, or business issues in Saudi Arabia, then I would agree with you.
Chevron has nothing in Saudi. They did in Wafra but not in Saudi. I think I remember a small JV in Unconventional that went bust but, other than that, Chevron is not even a pimple on Saudi's butt.
they are cutting thousands of migrant laborers not oil & gas professionals
SA hired thousands before the downturn for infrastructure projects like stadiums nobody will ever use. Good PR. I heard those people are going. Downstream is a question mark. Rules aren't so clear any more.
The responder below is ignorant, if they think this doesn't affect Chevron. Oil is a global market, not a California market. When Saudi lays off thousands of workers, many of those will be Americans who are working there. That further floods the unemployment market that already exists here. Those CVX employees that have been, or are about to be laid off, will have thousands more competing for the same jobs. Also, Saudi Arabia and OPEC are 100% the reason for this current oil pricing, which directly affects Chevron.
Maybe some of you should start learning about the global oil issues, and how all of this relates. What happens over there, does affect us here.
This has nothing specifically to do with Chevron. OP posted this on the wrong board.
In the United States — although it is the largest country in the world attracting migrant labor — the proportion of foreign workers is no more than 13% of the total number of employees; in Saudi Arabia, which is classified fourth in the world in attracting migrant workers, there are more than 10 million foreigners who make up over 32% of the total population (amounting to 40% if violators of the system of residence are to be added).
Read more: http://www.al-monitor.com/pulse/business/2015/12/saudi-arabia-labor-market-layoffs-unemployment.html