US shale - from boom to bust to boom again?

US oil producers' prospects appear to have been dented by the collapse in the oil price that began two years ago. Unlike many countries in the oil producing world, the US has not had a National Oil Company (NOC) to ensure production can be financed and sustained.

US companies had to react quickly by decreasing output, cutting costs and working hard to increase production efficiencies. In contrast, NOCs have been slower to adapt to the new environment. They may have been able to sustain oil production (thanks to the deep pocket of the State and having no shareholders to answer to) but dodging harsh realities is likely to destabilise their countries in the long run.  In the last few months, there have been significant problems within supply from Venezuela, Nigeria, and Ecuador as a result of internal conflict. Production is falling in China, Colomb...