The recovery in prices has largely been driven by supply constraints that have emerged over the period when prices were lower, for example there has been
reduced investment in new projects and some mines have been put into care and maintenance.
In March this year, the International Energy Agency (IEA) said that unless the industry approves
fresh investments in new projects, global oil supply may be struggling to catch up with demand after 2020, which could result in a sharp jump in oil prices.
Metals and mining was the worst - performing sector
as investment in new projects virtually ground to a halt as the growth in Chinese demand for raw materials slowed.
Rival oilsands company Cenovus Energy Inc. halted
all investments in new projects until the pipeline mess is resolved.
China's economic deceleration, and the consistent drop in international copper prices, has led private mining companies in Chile to reduce
their investments in new projects.
The capital discipline recently adopted will need to be balanced with the imperative to scale up
investment in new projects in order to offset the natural decline of fields and meet demand requirements.
But even with bipartisan support,
investment in new projects has slowed to a trickle.