The Seven Sisters were a group of seven major oil companies that dominated the global oil industry in the mid-20th century.
The Seven Sisters:
- ExxonMobil (formerly Standard Oil of New Jersey)
- Royal Dutch Shell (a merger of Royal Dutch Petroleum and Shell Transport and Trading)
- Chevron (formerly Standard Oil of California)
- BP (formerly Anglo-Persian Oil Company)
- Mobil (formerly Standard Oil of New York)
- Texaco
- Gulf Oil
Dominance and Decline:
These companies controlled a vast majority of global oil production, refining, and distribution. Their dominance stemmed from their early investments in exploration and production, their control over key oil reserves, and their vast integrated operations.
However, the Seven Sisters' power began to wane in the 1970s. Several factors contributed to this, including:
- The rise of national oil companies (NOCs) in countries like Saudi Arabia and Venezuela, who began to control their own oil resources.
- The OPEC oil embargo of 1973, which demonstrated the vulnerability of Western economies to oil price fluctuations.
- The increasing competition from smaller, independent oil companies.
Legacy:
Despite their decline in dominance, the Seven Sisters remain major players in the global oil industry today. They continue to operate in many countries and are involved in all aspects of the oil value chain. Their legacy continues to influence the structure and dynamics of the oil industry.
