I am not sure I can recall anything quite as blatant as this since I was studying for my PhD and commentators talked at length about the Opec cartel supposedly controlling crude oil supplies. That view never had any legs, due to the emergence of other oil and other energy producers, as well as the behaviour of Saudi Arabia, but the establishment of the organisation in the early 1970s had the same audacity about it.
That PhD didn’t take then, eh?
That Opec doesn’t have complete and inviolable market power is true, but the idea that it doesn’t have any is idiocy.
Lord O’Neill is a former commercial secretary to the Treasury and the current chair of Chatham House.
Lord help us all.