Halliburton, a US-based oilfield services provider, is reducing its workforce due to economic pressures in the oil industry. Global benchmark Brent crude oil prices have dropped over 10% in 2025 due to trade policy uncertainties and increased oil production. The extent of the layoffs at Halliburton has not been disclosed, but sources suggest cuts ranging from 20% to 40% across three business divisions. With a workforce of 48,395 employees in 2024, Halliburton faces challenges as CEO Jeff Miller anticipates a softer oilfield services market in the short to medium term. ConocoPhillips also plans to reduce its workforce by up to 25%.

Read more at Yahoo Finance: Halliburton cuts workforce amid oil industry volatility