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Seven Sisters




Old
1. Anglo Iranian Oil Company (now BP)
2. Gulf Oil (now Chevron)
3. Royal Dutch Shell
4. Standard Oil Company of California (now Chevron)
5. Standard Oil Company of New Jersey (now Exxon Mobil)
6. Standard Oil Company of New York (now Exxon Mobil)
7. Texaco (now Chevron)

New
1. Saudi Aramco
2. Russia Gazprom
3. China CNPC
4. Iran NIOC
5. Venezuela PDVSA
6. Brazil Petrobas
7. Malaysia Petronas

The oil price has incessantly dropped as demand for it has all but dried up as the lock downs across the world have kept the people inside. There is an abundance of oil in circulation but travelling is limited, how irony. It will take a recovery in demand to really turn the market round and that will depend on how the health crisis unfolds. Further, pessimism about the prospects of oil companies and oil prices continues to rise.

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