The term “Seven Sisters” is an old oil and gas phrase referring to the seven multinational oil companies of the “Consortium for Iran” oligopoly or cartel, which dominated the global petroleum industry from the mid-1940s to the mid-1970s.
These companies controlled over 85% of reserves of petrol. Due to growth this dominance has reduced excellently well, but the control has been given to OPEC cartel OPEC cartel and state-owned oil and gas companies in emerging-market economies, such as Saudi Aramco, Gazprom (Russia), China National Petroleum Corporation, National Iranian Oil Company, PDVSA (Venezuela), Petrobras (Brazil), and Petronas (Malaysia).
This phrase was created to mimic the seven mythological Pleiades sisters fathered by the titan Atlas when the oil business was popularized in the 1950s by businessman Enrico Mattei, then-head of the Italian state oil company Eni.
Now, these seven oil sisters are:
- Royal Dutch Shell
- Standard Oil Company of New Jersey(Esso, later Exxon, now part of ExxonMobil)
- Anglo-Iranian (started as Anglo-Persian) Oil Company(now BP)
- Standard Oil Company of California(SoCal, now Chevron)
- Standard Oil Company of New York(Socony, later Mobil, also now part of ExxonMobil)
- Texaco(later merged into Chevron)
- Gulf Oil(later part of Chevron)