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oil cartel

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Noun1.oil cartel - a cartel of companies or nations formed to control the production and distribution of oil
OPEC, Organization of Petroleum-Exporting Countries - an organization of countries formed in 1961 to agree on a common policy for the production and sale of petroleum
cartel, corporate trust, combine, trust - a consortium of independent organizations formed to limit competition by controlling the production and distribution of a product or service; "they set up the trust in the hope of gaining a monopoly"
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The development of partnership between Russia and the oil cartel will be the focus of the meeting, according to Chmatko, quoted by Russian media since Abakahn, capital of the republic of Khakassia in Siberia (about 3400 kilometres, east of Moscow).
Russia-OPEC to hold seminar in Moscow by UMCI News (Potomac Falls, VA)
Summary: Organization of Petroleum Exporting Countries (OPEC)'s production-monitoring committee Tuesday recommended that the oil cartel should maintain existing output quotas and improve compliance when the 12-nation group meets later Wednesday for the third time this year.
OPEC Committee Recommends Unchanged Output Quotas by Moj News Agency (Tehran, Iran)
Lewis-Davies urged the Opec oil cartel to heed the IEA's report and not cut production further.
PETROL TO SOAR; Economic recovery will push up oil price by Daily Record (Glasgow, Scotland)
 
 
 
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