If the low prices persist, about 800 projects worth $500 billion will be up on the chopping block next year, Lars Eirik Nicolaisen, a partner at Oslo-based Rystad Energy, said. If oil prices average $70 per barrel next year, about $150 billion will be pulled from oil and gas exploration world wide.
Both OIH and IEZ are based off market cap-weighted indices, so the largest services names have a heavier tilt in the ETFs. XES, on the other hand, weights holdings equally, which makes the SPDR option slightly less top heavy. Additionally, PXJ is fundamentally weighted, weighting components by price momentum, earnings momentum, quality, management action, and value.
Market Vectors Oil Service ETF
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Max Chen contributed to this article.