A cartel occurs when a group of producers come together and agree to coordinate the supply of their product in the market, which allows them to control prices (e.g., by reducing supply to raise prices or flooding the market to lower them). For example, OPEC is a cartel of oil-producing states, led by Saudi Arabia and made up of Saudi Arabia, Iran, Kuwait, Venezuela, Iraq, Algeria, Ecuador, Gabon, Indonesia, Libya, Nigeria, Qatar, and the United Arab Emirates.