“Five brothers” versus “seven sisters”
More than half a century ago, five major oil producing countries – Iran, Iraq, Venezuela, Kuwait and Saudi Arabia – agreed to work together to deprive seven transnational companies – Exxon, RD / Shell, Texaco, Chevron, Mobil, Gulf Oil and BP – of unlimited influence on the oil market.
Later, the number of “brothers” reached 13 and they organized OPEC, while the “sisters” started to work independently from each other. OPEC had a great influence on the oil market for tens of years.
When there was a need to reduce or increase the oil prices, all hopes were pinned on the cartel.