The company changed names to the Anglo-Iranian Oil Company before finally becoming British Petroleum. As a result of the State Department’s appeal, the “Consortium for Iran” arose and saw seven oil majors brought on board the lucrative and influential project.Īnglo Persian Oil Company of the United Kingdom was the original player in Iran and a major player in the Seven Sisters Oil Companies consortium for Iran. Rockefeller and his original American oil monopoly the Standard Oil Company. Interestingly enough, a few of them were the scions of billionaire oil man John D. Once Iran agreed to return to the international oil markets, the State Department of the United States suggested that the oil majors create a major oil companies consortium. Because Iran opted to nationalize its assets and seize the petroleum reserves, the international community placed an embargo on Iran. The Anglo-Iranian Oil Company, which became BP, at this time controlled the Iranian oil industry. The Seven Sisters Oil Companies’ common history stretches back to the Iranian 1951 nationalization of its foreign dominated oil industry. These include notably Gazprom of Russia, Saudi Aramco of Saudi Arabia, China National Petroleum Corporation, PDVSA/Citgo of Venezuela, National Iranian Oil Company, Petrobras of Brazil, and Petronas of Malaysia. Since then, this has shifted dramatically away from the Seven Sisters Oil Companies over to a combination of the OPEC oil cartel nations as well as several state controlled gas and oil companies in the emerging world economies. ![]() The group was made up of seven American and British firms Anglo Persian Oil Company (today’s British Petroleum), Gulf Oil (most of which became part of British Petroleum and the other parts which joined Chevron), Standard Oil of California or SoCal (today’s Chevron), Texaco (later a part of Chevron in a merger), London headquartered Royal Dutch Shell, Standard Oil Company of New Jersey (Esso which became Exxon), and Standard Oil Company of New York or Socony (Mobil, which merged with Exxon to become ExxonMobil).īefore the 1973 oil crisis, the different companies from the Seven Sisters controlled approximately 85 percent of the global oil reserves. ![]() They became so powerful that they soon dominated the universe of the worldwide petroleum industry in the years from the mid 1940s through the early 1970s. Mattei used this phrase disparagingly, which he coined in order to refer to the seven Anglo-American oil companies that had formed the “Consortium for Iran” cartel. Seven Sisters Oil Companies is a phrase that was made famous by Italian state oil Company ENI Chief and Italian businessmen Enrico Mattei back in the 1950s.
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