A cartel is a group of independent suppliers who band together to control prices and limit competition by restricting trade to their mutual benefit. This cooperation typically aims to maximize collective profits by regulating supply and prices.
A collusive oligopoly is an industry comprising a few producers (oligopoly), in which producers agree among themselves as to pricing of output and allocation of output markets.
An organization, usually comprising producing countries, that attempts to control the price and quantity supplied of a particular commodity, typically a raw material.
A 12-nation oil-producing organization founded in 1960 dedicated to coordinating and unifying petroleum policies among member countries.
