Don’t be fooled by oil-price rebound — it won’t last.

CALGARY— A new study says shrinking budgets in the oil and gas industry could lead to as many as 185,000 direct and indirect job losses this year in Canada.

The report by Enform’s labour market division says that would amount to a 25-per-cent cut in jobs.

It says the potential job losses are the result of major budget cuts in the industry, which is expected to spend $31 billion less this year compared to last year.

The study says engineering construction firms are the most vulnerable, while exploration and development drilling could make up the second-most losses.

Last week, drilling firm Trican Well Service announced 2,000 job cuts across North America.

The move followed job cuts at many major oil and gas companies in recent months.