Opec’s loss may be India’s gain: How the UAE’s exit from the cartel could ease our oil import bills
After World War II, a wave of nationalization took place. Many countries in West Asia took back ownership of the production of crude oil from Western owners of oil facilities. British Petroleum (BP), Royal Dutch Shell, Exxon, Mobil, Chevron, Texaco and Gulf Oil, ‘the seven sisters’ as they were known, ceded ownership to national oil companies like Aramco, National Iranian Oil and Iraq National Oil.
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