In order to make oil profits as large as possible, OPEC meets to set oil production quotas for its members. OPEC is best classified as a:

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OPEC is a cartel, which is a group of producers or sellers who collude to restrict output and increase prices in order to maximize profits. The members of OPEC agree to limit their oil production in order to reduce supply and drive up prices, allowing them to earn higher profits. This has been a successful strategy for OPEC in the past, although it has also faced challenges from non-OPEC producers and technological innovations like fracking.

In Order to Make Oil Profits as Large as Possible