Brown was reported to have said of Opec:
It is, as people will recognise, a scandal that 40% of the oil is controlled by Opec, that their decisions can restrict the supply of oil to the rest of the world, and that at a time when oil is desperately needed, and supply needs to expand, that Opec can withhold supply from the market.”
One of the US politicians sponsoring the bill to sue the oil cartel said Americans are “at the mercy” of Opec.
This had me searching for a Joseph Stiglitz article from back in 2000 in which he explained that, basically, South East Asian economies were at the mercy of the IMF (and its powerful sponsor nations).
