HOUSTON (Bloomberg) -- Halliburton Co. said it’s cutting another 5,000 workers, or 8% of its global workforce, to cope with the worst crude market downturn in 30 years.

The world’s second-largest oilfield services provider said last month it cut nearly 4,000 jobs in the final three months of 2015. With the latest layoffs, the company will have let go of nearly 29,000 workers, or more than a quarter of its headcount since staffing reached its peak in late 2014. 

"We regret having to make this decision but unfortunately we are faced with the difficult reality that reductions are necessary to work through this challenging market environment," Emily Mir, a spokeswoman, said Thursday in an emailed statement. "We thank all impacted employees for their many contributions to Halliburton."

The oil industry slashed more than $100 billion in spending and more than 250,000 jobs globally last year to cope with tumbling oil prices, which are down about 70% over the past year and a half due to an oversupply of crude