Bloomberg reported that tumbling crude prices will trigger a flood of oilfield writedowns starting this month after industry returns slumped to a 16-year low, calling into question half a decade of exploration.

Bloomberg noted the downturn threatens to wipe out more than $1.6 trillion in earnings for producing companies and nations this year.

Bloomberg reported that the impending writedowns represent the latest blow to an industry rocked by a combination of faltering demand growth and booming supplies from North American shale fields.

To view the full Bloomberg report, click here.