The U.S. oilfield services sector lost 91,680 jobs due to pandemic-related oil demand destruction, according to a monthly a report compiled and published by trade group Petroleum Equipment & Services Association (PESA) on Tuesday.

Demand for drilling services sank after oil prices collapsed earlier this year, pushing several oilfield services firms to file for bankruptcy, incur heavy losses and cut jobs. Easing of virus-related restrictions, however, has led to a rebound in demand for fuel and related products.

Oilfield sector employment rose 0.4% in November as companies sought to balance increasing oil and gas production with the uncertainty caused by a surge in COVID-19 cases, which has led to renewed lockdowns and reduced demand, the report said.

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Source: SweetCrudeReports