ConocoPhillips Energy Corporation Plans to Fire 1,000 Workers in 2016

Major US shale producer ConocoPhillips is cutting six percent of its workforce, the company has confirmed to The Wall Street Journal.

MOSCOW (Sputnik) – About 1,000 ConocoPhillips employees will be fired in 2016, mostly in the United States and Canada.

Since September 2014, the oil and gas producer has laid off about 18 percent, or 3,400, of its employees amid falling oil prices.

Global oil prices plunged from $115 to less than $30 per barrel between June 2014 and January 2016, hitting their lowest levels since 2003 amid the ongoing glut in global oil supply.