Definition and Citations:
The most famous cartel in the world, made up of 12 major producers of petroleum (constituting about 40% of global oil exports). It was created in 1960, to fix crude oil prices and set production quotas.
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The most famous cartel in the world, made up of 12 major producers of petroleum (constituting about 40% of global oil exports). It was created in 1960, to fix crude oil prices and set production quotas.