They are the American and British companies that controlled the Middle East's oil production after World War II. It is a Cartel, which dominated the global Petroleum Industry from the mid-1940s to the mid-1970s.

3 main Challenges that led to the Fall of the Seven Sisters dominance

1. Birth of OPEC: Formed in 1960, Established by 5 Countries, Iraq, Saudi, Iran, Kuwait & Venezuela, and expanded steadily through 1975, Since then, industry dominance has shifted to OPEC.

2. The declining share of world oil and gas reserves held by OECD (founded in 1961 by 38 member countries).

3. The emergence of powerful state-owned oil companies in emerging-market economies.

RISE of the NEW "Seven Sisters"

Many Countries with large reserves started in the 1970's nationalization of their Oil and Gas sectors. Since then, the market/industry dominance has shifted to the state-owned oil and gas companies in the emerging market economies.

In 2007 the Financial Times called these companies the "New Seven Sisters"

1. Saudi Aramco

2. Gasprom (Russia)

3. China National Petroleum Corporation (CNPC)

4. National Iranian Oil Company (NIOC)

5. PDVSA (Venezuela)

6. Petrobras (Brazil)

7. Petronas (Malaysia)

According to international Energy consulting firms that by 2012, 65% of the World known oil reserves were in the hands of the State-owned Oil and Gas Companies.