As Goldman Sachs and Citigroup continue to lower oil price expectations for the year, US$115 billion in market value has already been shaved off the MSCI World Energy Sector Index, set to post its second-consecutive quarter of declines.

Bloomberg reports that equity analysts last week cut ratings for a slew of oil-industry stocks, with Macquarie Capital downgrading Shell, Chevron, Eni SpA and BP. The London-based advisory warned companies may need “further, painful cost reductions” if prices continue to slide.