It's down 26 percent in the second quarter. On Wednesday, members of the Organization of Petroleum Exporting Countries pledged to cut production by 2.6 million barrels a day, or about 3 percent, over the next year. The big, integrated international petroleum firms that sell to consumers can still do well because their costs fall, but up the production chain, businesses get creamed. Masked by the general good health of the economy and the market, some sectors are suffering.
Oil service is a prime example.
But those aggregates don't tell the whole story. Excellent companies have been devastated. Contact the webmasters.