Leading energy groups have pulled the plug on $200billion of spending in response to the second oil price slump of the year.
The sliding price has been matched by a broader decline in the value of copper, gold and other raw materials which has led the Bloomberg commodities index to a six-year low.
Among the big companies to postpone big projects are BP, Shell, Chevron, Statoil and Woodside Petroleum.
Consultancy firm Wood Mackenzie said in a report: “The upstream industry is winding back its investment in big pre-final investment decision as fast as it can.
“This is partly because it is one of the quickest ways to free up capital in response to low oil prices.”
It went on to say that the number of large upstream projects expected to be given the go ahead during 2015 could probably be counted “on one hand”.
This week Shell will set out deeper cuts to its capital spending, with its more recent expenditure estimated at $33billion.
Last summer the plunge in crude prices has meant that 46 oil and gas projects were shelved, according to consultancy Wood Mackenzie.
During March this year the price of oil stabilised, but this year it fell below $55 per barrel, making it a 20% decline from the high of early May.
Investors have been nervously watching the sector with the S&P energy index falling more than 7% over the past month.
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