Seven Sisters (oil companies)

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" Seven Sisters " is a generic term for seven multinational oil companies from oligopolists or the "Consortium for Iran" cartel, which dominated the global petroleum industry from the mid-1940s to the mid-1970s. Alluding to the seven sisters of Pleiades mythology that was born by Titan titan, business use was popularized in 1950 by Enrico Mattei, then head of the Italian state oil company Eni. Group of industry consists of:

1. The Anglo-Iranian Oil Company (now BP)
2. Gulf Oil (next part of Chevron)
3. Royal Dutch Shell
4. California Standard Oil Company (SoCal, now Chevron)
5. New Jersey Standard Oil Company (Esso, then Exxon, now part of ExxonMobil)
6. The New York Standard Oil Company (Socony, then Car, also now part of ExxonMobil)
7. Texaco (later merged into Chevron)

Prior to the 1973 oil crisis, Seven Sisters controlled about 85 percent of the world's oil reserves. Since then, industrial dominance has shifted to the OPEC cartel and state-owned oil and gas companies in emerging-market economies such as Saudi Aramco, Gazprom (Russia), China National Petroleum Corporation, National Petroleum Company Iran, PDVSA (Venezuela), Petrobras (Brazil) , and Petronas (Malaysia). In 2007, the Financial Times called this the "Seven New Sisters".

According to consulting firm PFC Energy, in 2012 only 7% of the world's known oil reserves are in countries that allow private international companies to break free. Fully 65% ​​are in the hands of state-owned companies.

Video Seven Sisters (oil companies)

Composition and history

In 1951, Iran nationalized its oil industry previously controlled by the Anglo-Iranian Oil Company (now BP), and Iranian oil was subjected to an international embargo. In an effort to bring Iranian oil production back into the international market, the US State Department suggested the creation of a consortium of major oil companies, some of which are subsidiaries of the original John D. Rockefeller oil monopoly. The "Consortium for Iran" was then formed by the following companies: Anglo-Iranian Oil Company (UK) - This company became British Petroleum. After the takeover of Amoco (formerly Standard Oil of Indiana) and Atlantic Richfield by British Petroleum, the name was shortened to BP in 2000.

Gulf Oil (United States) - In 1984, most of the Gulf was acquired by SoCal and the enlarged SoCal entity into Chevron. The smaller parts of Gulf Oil were acquired by BP and Cumberland Farms. Service station networks mostly in the northeastern United States still use the Gulf name.

Royal Dutch Shell (Netherlands/United Kingdom)

Standard Oil Co. of California (SoCal) (United States) - Became a Chevron in 1984 when SoCal acquired Gulf Oil.

Standard Oil Co. from New Jersey (Esso) (United States) - Became Exxon, who named himself ExxonMobil after the Car acquisition in 1999.

Standard Oil Co. from New York (Socony) (United States) - Became Car, which was acquired by Exxon in 1999 to form ExxonMobil.

Texaco (United States) - Acquired by Chevron in 2001.

The head of the Italian state oil company Enrico Mattei searched for membership for his company but was rejected by what he called the "Seven Sisters", an American and British company that massively controlled oil production in the Middle East after World War II. The English writer Anthony Sampson took over the term when he wrote The Seven Sisters in 1975, to describe an oil cartel that tried its best to remove competitors and control the world's oil resources. The term oil cartel was more popularized, along with a fictitious logo, at Mad Max 2: The Road Warrior, a 1981 film about apocalyptic fuel shortages.

Being politically influenced, vertically integrated, well organized, and able to negotiate chronically as a cartel, the Seven Sisters were initially able to exert considerable power over Third World oil producers. However, in recent decades, the dominance of Seven Sisters and its successors has been challenged by the following trends:

• the increasing influence of the OPEC cartel (formed in 1960 and growing until 1975),
• the decline in world oil and gas reserves held by OECD countries, and
• the emergence of strong state-owned oil companies in emerging market economies.

In 2017, the surviving companies of the Seven Sisters are BP, Chevron, ExxonMobil, and Royal Dutch Shell, which form four members of the "supermajor" group.

Maps Seven Sisters (oil companies)

See also

• Fossil fuels
• List of oil exploration and production companies
• Monopoly

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References

src: gepcnews.com

Further reading

• Ammann, Daniel. The King of Oil: The Secret Lives of Marc Rich . New York: St. Martin's Press, 2009, ISBNÃ, 0-312-57074-0
• Perrone, Nico. Enrico Mattei . Bologna: il Mulino, 2001, ISBNÃ, 88-15-07913-0
• Perrone, Nico. Obiettivo Mattei: Petrolio, Stati Uniti e politica dell'ENI (Mattei Target: Oil, USA and ENI Policy). Roma: Gamberetti, 1995, ISBNÃ, 88-7990-010-2
• Yergin, Daniel. Rewards: The Epic Quest for Oil, Money, and Power . New York: Simon & amp; Schuster, 1991, ISBNÃ, 0-671-50248-4

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Documentary

• Secret of the Seven Sisters . Al Jazeera English, April 26, 2013

Source of the article : Wikipedia