U.S. oil giant Exxon Mobil Corp. said on Oct. 5 it plans to reduce its European workforce by up to 1,600 across the company's affiliates by the end of 2021 as part of its global review.

Exxon Mobil said country-specific cuts will depend on the oil major's local business footprint and market conditions, after the COVID-19 pandemic hammered demand for its products and crude prices tanked.

Oil majors are axing jobs, lowering spending and curbing dividends in order to save cash amid a dismal outlook over energy prices which are expected to remain lackluster for years.

Last month, Exxon Mobil announced voluntary layoffs in Australia and said that job cuts will continue globally into 2021.