Only 11 out of 58 countries rich in natural resources can effectively manage their wealth, according to the first of its kind report from the Revenue Watch Institute, a think tank which specializes in effective management of natural resources.
Rosneft, the world’s largest publicly traded oil company, is expanding its influence in Venezuela, via a subsidiary of the national oil company PDVSA. The two companies signed a joint venture agreement to develop a river basin in Venezuela.
Despite other emerging markets performing well, Russian markets hit their lowest close in two weeks. Rosneft fell and the ruble weakened against the dollar on the decision of Bank of Russia to hold the refinancing rate at 8.25 percent.