Hugo Chávez must be distraught. There’s nothing he loves more than to launch into spirited tirades against the “empire” (a.k.a. the USA), and now he has the perfect excuse: it slapped sanctions on Venezuela’s state oil company PDVSA for selling fuel to Iran. Read more

Socialist Venezuela has some way to go before becoming the workers’ paradise it would like to be.
Workers at state oil company PDVSA, one of the flagships of Hugo Chavez’s Bolivarian revolution, are expressing “alarm” over the fact that they may be facing lean times in their twilight years after hundreds of millions of dollars went “missing” from their pension fund, because of fraud and even Ponzi activity. Read more

Sylvia Pfeifer

Is Rosneft about to buy its first foreign refining assets? That is the speculation doing the rounds today as Venezuelan president Hugo Chavez arrived in Moscow on a state visit. Talks with Russia’s leaders will focus on plans for cooperation between the two countries, including in the energy sector. Read more