Oil Cartel: A similar concept to OPEC, an oil cartel refers to a group of oil-producing countries that work together to control production levels and stabilize prices.
Crude Oil: Also known as petroleum, crude oil is a natural resource extracted from the ground which serves as the raw material for various products like gasoline, diesel fuel, and plastics.
Energy Security: Refers to ensuring a reliable supply of energy resources (such as oil) in order to meet domestic needs without being overly dependent on other countries.