The Role of State-Owned Giants in the Modern Energy Landscape

The global oil industry for much of the 20th century was controlled by a powerful cartel of private companies known as the "Seven Sisters." This group long dominated production, pricing, and access to reserves from the Middle East to Latin America. They shaped markets, dictated terms to host countries and built the foundations of the modern energy system.

But the balance of power has since shifted—dramatically.   Today, the center of gravity in global oil lies not with the Western supermajors, but with National Oil Companies (NOC). State-owned…