National oil companies have the key to global energy stability if they work together

For much of the 20th century, the world oil industry was controlled by a powerful cartel of private companies known as the "Seven Sisters." This group dominated production, prices and access to reserves from the Middle East to Latin America for a long time. They shaped markets, imposed conditions on recipient countries and laid the foundations of the modern energy system. However, since then, the balance of power has changed dramatically. Today,…