Low oil prices put the brakes on the global E&P train ///

After spending several years on a plateau, the upstream industry has plunged into a downturn and looks set to endure the second recession in a 15-year global E&P spending upcycle. Last year, global spending amounted to $729 billion, but this year the Evercore ISI survey group expects that figure to drop below $700 billion. International spending, outside North America, should contract about 15%.

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