oil cartel

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  • noun

Words related to oil cartel

a cartel of companies or nations formed to control the production and distribution of oil

References in periodicals archive ?
VIENNA: OPEC officials dismissed suggestions Thursday that the 50-year-old oil cartel was in danger of extinction after it failed to do a deal on output to contain $118-a-barrel crude.
Top oil exporter Saudi Arabia will step up its use of crude for power generation in 2011, junior electricity minister Saleh Alawaji said, as the nation balances use of a new oilfield against obligations to oil cartel the Organization of the Petroleum Exporting Countries (Opec).
Brent crude oil prices had pushed up to more than $119 a barrel in early trading as the continuing crisis in Libya threatened production, but they fell to about $114 after reports that oil cartel OPEC had said it could make up the shortfall.
The Organization of Petroleum Exporting Countries will be unable to exist for another 50 years as the age of oil will end if hydrogen can be produced as an alternative energy source at a low cost, Ahmed Zaki Yamani, former Saudi Arabian minister of oil and mineral resources, says in reference to the oil cartel marking its 50th anniversary this year.
Azhari Ibrahim told reporters on Monday at the oil cartel meeting in Luanda that joining OPEC is "under discussions within the government of Sudan" but no final decision has been made.
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).
The increase came after the United Arab Emirates said it would cut output to comply with oil cartel Opec's supply curbs and amid unrest in the Middle East.
A RECORD cut to production by oil cartel Opec failed to prevent another fall in prices last night.
Nicosia, Dec 16 (ANI): Chakib Khelil, the President of Organisation of Oil Exporting Countries (OPEC) has expressed the hope that Russia would join the oil cartel to boost its impact on the crude market.
The Prime Minister also attacked oil cartel Opec's attempt to push up prices by cutting production as "absolutely scandalous".
AUSTRIA: Oil cartel Opec has agreed to cut production by about 5% from next month in an attempt to halt falling prices.
Oil cartel OPEC has refused to raise its daily output quota of 29.
Thus the oil cartel will wither away and be unable to fund terrorism, and we will win the war on terror, argues Zubrin, an aerospace engineer and author of popular science and science fiction.
The Opec oil cartel, which decided against raising pro duction levels in December, may consider lifting output in February amid stronger-than-expected winter demand.
Learsy, author of the book Over a Barrel: Breaking the Middle East Oil Cartel, "something unusual happened.