More major projects are being put on hold due to the oil price plunge. More job cuts on the way.
With the oil price at the its 14 year low, demand will go up. At this current oil price, oil producers need to increase production volume to maintain their revenue and sustain their operations. This will further reduce oil price further. Not until, the oil production will be reduced that an oil price increase will be realized. While that will not happen overnight, more job cuts will be experienced.