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Price fall to push oil industry into 'sharp recession'

One of the terminals at the Zawiya Oil Refinery west of Tripoli on October 27, 2011The oil price plunge will force energy companies will slash capital spending in North America, Europe and Asia in 2015, investment bank Evercore IS said Tuesday. Evercore estimated that oil companies would cut spending on exploration and production globally this year by 10-15 percent, and by 25-30 percent in North America. “To sum it up, a sharp recession is coming to the global oilfield,” said James West, an oilfield services analyst at Evercore, after surveying 300 global oil and gas companies on their 2015 spending plans. The report shows the impact of the steep drop in oil prices.

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