An example of a cartel is?

An example of a cartel is OPEC. A cartel is a group of independent producers or suppliers who collaborate to manipulate the price or supply of a particular product or service in the market. Cartels are formed to increase the profits of the members of the cartel by restricting competition. They may also set production quotas, fix prices, or divide markets among themselves. OPEC, or the Organization of the Petroleum Exporting Countries, is a well-known example of a cartel. It is an international organization made up of 13 member countries that are major oil-producing nations. OPEC controls a significant portion of the world's oil supply and seeks to influence oil prices by coordinating their production levels. OPEC was formed in 1960 to coordinate and unify the petroleum policies of its member countries. Over the years, OPEC has played a significant role in the global oil market, with its decisions and policies often affecting oil prices around the world. In summary, OPEC is an example of a cartel because it is a group of independent oil-producing nations that collaborate to manipulate the price and supply of oil in the market.