Is There a Factor That Should Be Mentioned in the Top Three?

There are a range of reasons for the slow pick up in U.S. oil production, says John Defterios. "We have constrained supply we have and then obviously capital cost as well," he adds. Shareholders want companies to buy back stock and pay dividends, which has lifted company stock prices. But many small and mid-sized producers were shell shocked by global financial crisis after it hit 15 years ago; they don't want to put all on line again so soon.