Modern oil production is a far cry from the way things used to be done, according to World Oil.

Drillers have evolved from a time of ordering expensive custom fittings for individual wells to cutting costs by standardizing components. They’ve found a way to turn money pits into moneymaker, protected their bottom lines and allowed themselves to keep pumping despite crude prices that have fallen by more than 50 percent over the last three years.

The standardization movement in the oils and gas industry has reduced projected spending from 2015 to 2020 by $1 trillion, according to estimates from Wood Mackenzie Ltd.

Earlier this year some of the world’s leading oil producers met to discuss the prospect of standardizing the equipment they use. Now engineering costs are being standardized as well. The push has worked so well some companies have more than halved their costs.

What it means for the broader market picture as a whole is more efficient, higher production and lower expenses; however, it also means forcing oil prices lower due to a larger supply.

Learn more: World Oil > How actual nuts and bolts are bringing down oil prices