Most oil workers around the world have yet to cash bigger paychecks despite the run up in crude prices, with many ready to leave the oil patch.
Less than a third of surveyed oilfield employees report receiving a pay bump in the past year, while another 21% said pay was actually cut. That’s according to the latest Global Energy Talent Index released by recruiting firms Airswift and Energy Jobline. The good news: A little more than half of those workers say they expect to get a boost in pay sometime in the next 12 months.
The oil industry has struggled to add workers to meet growing demand amid surging crude prices as the global economy recovers from the pandemic. Russia’s invasion of Ukraine has further jolted those efforts. In the U.S., the oil and gas workforce is still 20% below pre-pandemic levels.