Oil Cartel (Noun)
Meaning
A cartel of companies or nations formed to control the production and distribution of oil.
Classification
Nouns denoting groupings of people or objects.
Examples
- The oil cartel dominated the global market, restricting supply to drive up prices and maximize profits for its member nations.
- Critics argued that the oil cartel was detrimental to consumers and the environment, and called for increased competition and regulation.
- The formation of the oil cartel sent shockwaves through the industry, as smaller producers struggled to compete with the massive market power of the cartel.
- Some experts predicted that the oil cartel would eventually collapse under its own weight, as rival producers and new technologies eroded its dominance.
- Anti-trust regulators vowed to take action against the oil cartel, accusing its members of colluding to fix prices and stifle competition.