Tullow to cut jobs as oil price fall continues

Oil producer Tullow Oil is planning to cut some of its 2,000-strong workforce, starting an expected avalanche of job losses in the sector as companies struggle to cope with the slump in oil prices.

Oil companies across the globe have been hit by a 60% drop in crude prices in seven months, putting them under pressure to find new areas of their businesses where costs can be trimmed.

“Tullow will be a smaller company,” a source said, but gave no indication on the number of jobs likely to be cut.