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Global Trade in Oil
7 sisters, OPEC, Oil Middle East Conflict
“The Seven Sisters" refers to the seven
international oil companies that dominated
the world's oil production after World War
The term “Seven Sisters” was coined by
Italian energy patriarch Enrico Mattei.
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.
The demise of The Seven Sisters
began in 1960 and continued
further through the 1970s,
when its power and influence
had greatly decreased.
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
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.
Organization of the Petroleum
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
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.
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.
Global Trade in Precious
Metals and Stones
Gold, Silver and Diamond