| There are three trends at play when it comes to the North American oil industry. These are supply drops, seasonality and consumer behaviour changes, says Scott Vali, vice-president, equity, for CIBC Asset Management. He manages the Renaissance Global Resources Fund.
First, “if we look at supply in North America, we’ve seen production drop by about a million barrels per day since the peak in June of 2015,” he explains. “To put that in context, the U.S. had been growing production by about a million barrels a day, so that’s a two-million-barrel-a-day delta relative to the trend we were on going into June of 2015.”..............................................Full Article: Source
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