The Organization of the Oil Industry, Past and Present explains the various shifts in the balance of power between a group of large international vertically integrated firms (the Seven Sisters), and a group of oil producing countries (OPEC) in the fight for control over global oil markets. The article focuses on elements related to the extraction of petroleum, and the interactions between buyers and sellers of crude oil, as well as issues that are essentially linked to the Industrial Organization of crude oil markets. The Organization of the Oil Industry, Past and Present is organized as...