oil cartel

The oil cartel said almost $800bn would have to be invested in increasing refinery capacity to meet the additional demand expected by 2030.

Oil is trading at about $70 a barrel, very close to where Saudi Arabia and the Opec oil cartel want it to be.

The OECD favors policies that would serve to harmonize taxes at high levels, akin to an oil cartel fixing high prices.

This was a major blow to the former Western oil cartel.

What happens if members of Opec, the oil cartel, refuse to sell oil to allies of Israel or if extreme weather conditions hit Europe?

But it warned that the Opec oil cartel could cap the rally by increasing production.

Saudi Arabia has shouldered the bulk of the output cuts announced by Opec, the oil cartel.

For months, the 12-nation oil cartel has been getting the best of both.

Despite rising oil consumption, the world's largest oil cartel, OPEC , has resisted calls to boost production.

Mexico relies heavily on US-made fuel. Ecuador, a member of the Opec oil cartel, is also a buyer.

The Opec oil cartel yesterday said that China's $585bn stimulus plan was critical for global commodities prices.

In the past three months the oil cartel has proved its resolve and its ability to keep prices above $60 a barrel.

The oil cartel then declined to raise production quotas during an acrimonious meeting in Vienna on June 8.

It is an example of an oil cartel.

In oil, for example, Russia benefits from the oil cartel's cuts in production, but does not participate in them.

The Opec oil cartel will have pocketed a record of more than $1 trillion in net oil revenues in 2012, the Financial Times reported.