oil cartel
Crude price fixers
An oil cartel is an alliance of oil-producing nations or companies that coordinates production levels and pricing to control the global market.
OPEC is the most prominent example.
By limiting supply collectively, members can keep prices higher than open competition would allow: The oil cartel agreed to cut production by two million barrels per day.
- OPECPetroleum exporters' coalition
- petroleumNatural underground hydrocarbon liquid
- crudeUnpolished, raw state
- monopolyOne seller, no substitutes
- price-fixingCoordinated artificial cost-setting
embargo · energy crisis · Saudi · barrel · quota · collusion · market manipulation · pipeline · sheikh · refinery · gasoline · drilling · reserves · production · Venezuela · tanker · export · alliance
- trade agreementstrade pacts, trade treaties, free trade agreements, NAFTA, USMCA
oil cartelfree market
Commerce without state intervention
perfect competition · competitive market · open market · spot market · commodity exchange
oil, cartel, oils, oiled, oiling, oily, oiliness, oilskin, oilcloth