oil cartel (Meaning)
Wordnet
oil cartel (n)
a cartel of companies or nations formed to control the production and distribution of oil
Synonyms & Antonyms of oil cartel
No Synonyms and anytonyms found
oil cartel Sentence Examples
- The oil cartel OPEC played a pivotal role in shaping the global oil market for decades.
- The cartel exerted significant control over oil prices by coordinating production and supply.
- Members of the oil cartel included Saudi Arabia, Iran, Kuwait, Iraq, and Venezuela.
- The cartel's primary objective was to maintain market stability and maximize profits for its member nations.
- OPEC's actions frequently resulted in price fluctuations and supply disruptions.
- The rise of global demand for oil strengthened the cartel's bargaining power.
- The oil cartel's influence has diminished in recent years due to technological advancements and the emergence of new producers.
- Non-cartel producers such as the United States and Russia played a role in challenging the cartel's dominance.
- The volatility of the oil market has posed challenges to the stability of oil cartels.
- Despite facing challenges, the oil cartel remains a significant player in the global energy landscape.
FAQs About the word oil cartel
a cartel of companies or nations formed to control the production and distribution of oil
No synonyms found.
No antonyms found.
The oil cartel OPEC played a pivotal role in shaping the global oil market for decades.
The cartel exerted significant control over oil prices by coordinating production and supply.
Members of the oil cartel included Saudi Arabia, Iran, Kuwait, Iraq, and Venezuela.
The cartel's primary objective was to maintain market stability and maximize profits for its member nations.
