Oil giant Chevron Corp. says it will eliminate 2,000 jobs this year, or about 3% of its worldwide workforce, MarketWatch says.

Bloomberg adds that the company " plans to sell its only remaining European refinery ... and shed assets in the Caribbean and Central America to stanch losses from its fuel-making business."

"They are going to a shrink-so-you-can-focus strategy," Jonathan Dison, a managing director at San Francisco-based Bender Consulting, tells Bloomberg. "Refining margins clearly are narrowing and that's a result of increasing international capacity and the fact that demand for refined products is still weak."