Definitions from the Web
Oil Cartel
A term used to describe an organization or group of oil-producing countries that work together to control the production, pricing, and distribution of oil on the global market.
Example Sentences:
- The oil cartel's decision to reduce production resulted in a significant increase in oil prices.
- Many countries rely on the decisions made by the oil cartel to determine their oil-import policies.
- The formation of the oil cartel has led to concerns about the monopolistic control of the oil industry.
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