According to an Evercore investment bank report, the oil price plunge will force energy companies to slash capital spending in North America, Europe and Asia in 2015.

Evercore estimated that oil companies would cut spending on exploration and production globally this year by 10%-15%, and by 25%-30% in North America.

An oilfield services analyst at Evercore said after surveying 300 global oil and gas companies on their 2015 spending plans, “To sum it up, a sharp recession is coming to the global oilfield.”

To view the full Evercore IS report, click here.