Who Governs Global Oil Prices?

... occurred a great deal later from around 1928 to 1947. As one would expect, it was an uncompetitive physical type of market. It was dominated by seven oil majors, or the 'seven sisters', who reflected the global power balance – with USA and still Great Britain dominating this list. Today, many of the top Western oil companies draw their roots from these original siblings. In addition, oil contracts were then long-term, in the region of 25+ years, as it granted security for expensive ...