Baker Hughes Announce 7,000 Job Cuts

Oil company Baker Hughes has announced they are making 7,000 job cuts worldwide. We don't know how many are in the North Sea - but that's more than 10 percent of the workforce.

The announcement comes after Talisman Sinopec said they were to cut 300 North Sea jobs yesterday.

BP, Shell and Schlumberger have also slashed jobs in their North Sea operations over the last few weeks and months.

Global oil prices have tumbled by more than half since June, hitting five-year lows as growing production and slacking global demand has caused a huge amount of supply and prompted oil producers to scale back spending.