oil cartel
1
5.3
- noun
- /ɔɪl ˈkɑːrtɛl/
:
cartel del petróleo
- Many of the profiles come from Africa, such as Nigeria, where local people are up against international oil cartels and their own corrupt government.
- the oil cartel OPEC
- oil cartel agreed to cut
- oil cartel agreed
Examples
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Ronald Reagan, 1982: "We will ensure that our people and our economy are never again held hostage by the whim of any country or oil cartel."
Academic text (2008) -
The OPEC oil cartel met to discuss strategies for stabilizing global oil prices.
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No way to cut off private company exports, but if we could open up all oil drilling and form an oil cartel with Canada.
Blog text (1) -
It's also the only opportunity I think you'll get to break the oil cartel's grip on the world.
Blog text (14) -
The oil cartel included not only Saudi Arabia, the Emirates, Libya, and Iran, but also Indonesia and part-Muslim Nigeria.
Blog text (20) -
Members of the oil cartel aim to maintain high prices by limiting production.
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The influence of the oil cartel can significantly impact the global economy.
Synonyms
210
7.9
A group of businesses that agree to control production and prices to limit competition
A small group of rich people who control the oil industry and government decisions
How Dominant
Surface Forms
Morphology
The meaning of 'oil cartel' is directly compositional: it denotes a cartel (an organization that coordinates producers to control market/price) whose commodity is oil, so a learner who knows 'oil' and 'cartel' can readily infer the phrase. The noun+noun combination is a common, cross‑linguistic pattern and thus highly transparent to learners familiar with both constituents.
Etymology
Oil cartel comes from the image of a small group of companies or countries sitting together and deciding when to open or close the oil taps. Because this tight group is a cartel, it can 'control' how much oil is available and so change the 'prices', which is why the term means a group that controls oil production and pricing.