OPEC was formed in 1960 when the international oil market was largely dominated by multinational companies known as the 'seven sisters'. The formation of OPEC was a turning point in state control over natural resources. In the 1960s OPEC made sure that oil companies could not unilaterally cut prices. In December 2014, OPEC and the oil men were named in the top 10 most influential people in the shipping industry by Lloyds.