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Oil field services giant, Schlumberger, announced it will undergo another round of layoffs in the near future. Earlier this year the firm cut 5% of its 84,000-member global workforce. The new move is part of larger efforts to cut costs which also include reducing capital spending and trying to secure lower prices from suppliers. The measures are a result of falling demand for oil and gas, resulting in significantly lower prices. Schlumberger, which works on a contract basis with other oil companies, also faces diminished profits as those companies spend less on oil exploration. The company is one of many in the energy industry making cutbacks.