Oilfield service providers Baker Hughes and Halliburton plan to cut thousands of jobs as drilling activity slows further due to a steep fall in crude oil prices.

Global oil prices have tumbled almost 60 percent since June, hitting five-year lows as growing production and tepid global demand has caused a supply glut and prompted oil producers to scale back spending.

“We expect our headcount adjustments to be in line with our primary competitors,” Halliburton’s Chief Operating Officer Jeffrey Miller said on a post-earnings call on Tuesday, without giving a specific number.

The company, which employees more than 80,000 people, said it cut 1,000 jobs in its operations in the eastern hemisphere in the fourth quarter.

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