AKIPRESS.COM - Al-Jazeera, the Qatar-based broadcaster, said Sunday it is slashing about 500 jobs worldwide a little more than two months after shuttering its U.S. offshoot, reports Boston Globe.

The cutbacks come as 2022 World Cup host Qatar refocuses its spending priorities amid a steep drop in prices for oil and gas, the backbone of the OPEC nation’s economy.

The Al-Jazeera Media Network described the cuts as part of a "workforce optimization initiative" tied to an evolving media landscape.

They will enable Al-Jazeera to "maintain a leading position and continue our recognized commitment to high quality, independent and hard-hitting journalism around the world," acting Director General Mostefa Souag said in a statement.

The network did not make officials available for further comment, but confirmed it currently employs about 4,500 people. Most of those losing their jobs are based in Qatar.

Al-Jazeera began as an Arabic-language news channel in 1996 with backing from Qatar’s then-emir, Hamad bin Khalifa Al Thani. It now has multiple channels, including an international English-language service, and today boasts more than 70 bureaus worldwide.