The price uncertainty results from OPEC supply (reflecting both strategic behavior and geopolitical factors), non-OPEC supply (in particular, adjustment of unconventional production to the price drop), and demand (uncertainty about global growth prospects and policies). While there is some evidence that oil investment is adjusting to the new price environment (for example, announced reduction in investment plans by major oil companies and the number of U.S.drilling rigs), with capacity already in place from previous large investments, oil production will likely take time to adjust to the new, low price environment, as was the case in the 1980s when non-OPEC production continued to grow in the early years of the price decline. That said, the shorter-term investment horizon of nontraditional production may result in quicker adjustment.