Oil giant Chevron Corp. announced Friday that it was planning to cut 6,000 to 7,000 jobs as the company sees it profits decline for the fourth consecutive quarter. The global oil-market is currently experiencing its worst price slump since the 1980s, Bloomberg reported.

The job cut announcement came along with third-quarter net income reports. Chevron reported a fall to $2.04 billion from $5.59 billion compared to a year ago. The company’s revenue fell by 37 percent to $34.32 billion.

Global oil prices in June 2014 were over $100 a barrel but have since fallen and continue to hover below $50 a barrel. The price average from July to September was $51.30 for a barrel. The global oil market has been inundated with an increase in supplies from the U.S. and Persian Gulf.

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