• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 1 hour GREEN NEW DEAL = BLIZZARD OF LIES
  • 4 days The United States produced more crude oil than any nation, at any time.
  • 10 days e-truck insanity
  • 5 days How Far Have We Really Gotten With Alternative Energy
  • 9 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 8 days James Corbett Interviews Irina Slav of OILPRICE.COM - "Burn, Hollywood, Burn!" - The Corbett Report
  • 8 days The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 10 days Biden's $2 trillion Plan for Insfrastructure and Jobs
  • 10 days "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
  • 13 days Bankruptcy in the Industry
OPEC+ Rules in an Increasingly Tight Oil Market

OPEC+ Rules in an Increasingly Tight Oil Market

The market is growing increasingly…

Energy Stocks Rally Under The Radar

Energy Stocks Rally Under The Radar

Big Oil is trumping the…

Zainab Calcuttawala

Zainab Calcuttawala

Zainab Calcuttawala is an American journalist based in Morocco. She completed her undergraduate coursework at the University of Texas at Austin (Hook’em) and reports on…

More Info

Norway Tops Natural Resource Management Ranking

Norway placed first in a new international ranking of countries’ management of natural resource extraction and wealth, closely beating out Chile, Britain, and Canada for the top spot.

The New-York-based Natural Resource Governance Institute (NRGI) also said that over four-fifths of the world’s major mining, oil and gas-producing nations fail to productively manage their natural resources due to inadequate corruption and transparency standards.

NRGI ranked 81 countries, 66 of which had “weak, poor or failing” oversight of extraction activities. Canada took fourth place, and the United States took fifth.

"Good governance of extractive industries is a fundamental step out of poverty for the 1.8 billion poor citizens living in the 81 countries we assessed...," NRGI chief Daniel Kaufmann said. "It is encouraging that dozens of countries are adopting extractives laws and regulations, but often these are not matched by meaningful action in practice."

Norway is notorious for its $960 billion sovereign wealth fund, which uses oil and gas profits to fund green energy ventures and social services for its citizens.

Saudi Arabia (69th) and its Gulf allies fared poorly on the list, likely due to the monarchical nature of the regimes and the opacity of the nations’ state-run energy giants. Kuwait (33rd) took the highest spot of GCC nations, while Oman (39th), the United Arab Emirates (54th), Qatar (53rd) and Bahrain (59th) trailed behind. These nations are known for their own sovereign wealth funds that invest in foreign properties and other industries to diversify risk.

Related: Goldman Sachs: Oil Crash Unlikely To Continue

The report emphasized that problems with natural resource management and regulation touch both poor and wealthy nations.

“Western Australia scores low in governance of licensing and taxation,” it said. “The U.S. scores only 50 of 100 points for its policies and practices in protecting the local environment in the Gulf of Mexico. Of the 13 high-income countries in the index, 6—all in the Middle East—fail to achieve either good or satisfactory composite scores.”

ADVERTISEMENT

By Zainab Calcuttawala for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News