The fall in oil price has seen more than $100billion of spending on new projects suspended, postponed or stopped, according to new research.
According to research conducted for business broadsheet the Financial Times, companies including Shell, BP and ConocoPhillips and Statoil have moved to prevent capital spending on 26 major projects in 13 countries.
Thousands of jobs have been lost across the globe as companies look to save costs during the price decline.
It was found producers had targeted some of the highest costs areas, with nine Canadian oil sands projects delayed.
Each one ranges from between $1billion to $10billion in planned expenditure.
Rystad Energy, which conducted the research, said the $118billion in total of expenditure affected would be spread over a number of years.
But the impact would be the delay of future production by up to 1.5million barrels per day.
The data focused on projects with reserves of at least 50million barrels of oil equivalent.
Goldman Sachs has already identified 61 new projects, which are waiting to be approved, as uneconomical at $60 a barrel, putting more than $750million of capital expenditure and an estimated 10.5million barrels a day of peak production at risk.
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