According to reports, following opec repeatedly ignoring requests to pump more oil, the u.s. are releasing millions of barrels from reserves. Reportedly, the organisation for petroleum exporting companies emerged in 1960, and was founded by Saudi Arabia, Kuwait, Iraq, Iran and Venezuelia, it now has 13 members who account for 44% of global oil production and 81.5% of the world’s proven oil reserves.
According to reports, the seven sisters were British and u.s. oil companies who largely controlled oil production in the middle east. Reportedly consisted of anglo Iranian oil company, became bp; royal dutch shell, the largest non state owned energy company in the world; standard oil company of California, gulf oil and texaco, all now chevron; standard oil company of New Jersey/esso, now exxonmobile; and standard oil company of New York, now part of exxonmobile. According to a report, the surviving companies, known as the supermajors once controlled 85% of the world’s oil reserves. Reportedly, the seven sisters were able to exert power over third world oil producers due to political influence.