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Global Trade in Oil

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Global Trade in Oil

  1. 1. Global Trade in Oil 7 sisters, OPEC, Oil Middle East Conflict
  2. 2. 7 Sisters “The Seven Sisters" refers to the seven international oil companies that dominated the world's oil production after World War II. The term “Seven Sisters” was coined by Italian energy patriarch Enrico Mattei.
  3. 3. The Seven Sisters achieved considerable success with most Third World oil producers due to its well organized negotiation strategy. However, by way of the formation of OPEC, the Arab states began to gain control over oil prices and production.
  4. 4. The demise of The Seven Sisters began in 1960 and continued further through the 1970s, when its power and influence had greatly decreased.
  5. 5. In 2007, the Financial Times profiled an emerging trend of the dominance of the global oil industry by national oil companies, "The New Seven Sisters." These include Saudi Aramco (Saudi Arabia), Gazprom (Russia), CNPC (China), NIOC (Iran), PDVSA (Venezuela), Petrobras (Brazil), and Petronas (Malaysia).
  6. 6. These state-owned giants control more than one-third of the world's oil and gas production and one-third of the world's oil and gas reserves.
  7. 7. Organization of the Petroleum Exporting Countries
  8. 8. Brief History of OPEC - was founded in Baghdad, Iraq, with the signing of an agreement in September 1960 by five countries namely Islamic Republic of Iran, Iraq, Kuwait, Saudi Arabia and Venezuela. They were to become the Founder Members of the Organization. - These countries were later joined by Qatar (1961), Indonesia (1962), Libya (1962), the United Arab Emirates (1967), Algeria (1969), Nigeria (1971), Ecuador (1973), Gabon (1975) and Angola (2007). Currently, the Organization has a total of 12 Member Countries.
  9. 9. 2) Control of Middle East oil: The foreigners interfere in the Arab-Israeli conflict in order to exploit and control the vast petroleum resources in the region. If there were no oil, there would be no petrodollars to recycle; the foreigners would have no reason to dominate the region. Oil Middle East Conflict
  10. 10. Therefore, the Iraq war is only a part of an on-going oil war mechanism in order for the US to maintain its economic and other types of hegemonic controls.
  11. 11. Global Trade in Precious Metals and Stones Gold, Silver and Diamond