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The article discusses the historical impact of the "Seven Sisters," a group of major oil companies including Standard Oil of New Jersey, Anglo Iranian Oil Company, and others, which once dominated the global oil market and influenced economies and politics in various countries, especially Venezuela, until their decline began in the 1960s due to the rise of OPEC and nationalizations, ultimately leading to a significant shift in the power dynamics of the oil industry. #OilIndustry #GlobalEconomy #PetroleumHistory #VE #US #GB #IR #NL #SA #ID #IQ