Global oil prices tumbled into a bear market this week, down more than 20% from their recent peak. Fear of a global economic slowdown and a decision by the United States to allow some countries to keep buying Iranian crude oil following the reintroduction of sanctions have hit market sentiment
According to a report by IBISWorld, a leading business intelligence firm, the total revenues for the oil and gas drilling sector came to $2 trillion in 2017. This sector is composed of companies that explore for, develop, and operate oil and gas fields. Since the 2017 estimates for worldwide gross domestic product range between $75 trillion and $87.5 trillion, the oil and gas drilling sector currently make up something between 2% and 3% of the global economy.