Norway’s trillion-dollar sovereign wealth fund are to sell $37bn of its oil and gas stocks, this move will have far reaching implications across the energy sector.
Norway’s fund holds $37bn in oil and gas holdings, shares across oil giants Royal Dutch Shell and BP fell on Friday. The fund holds $6bn stake in shell alone.
Norway’s oil industry accounts for around 20% of the country’s output.
Norway’s finance ministry said in a statement, “The government is proposing to exclude companies classified as exploration and production companies within the energy sector from the government Pension Fund Global to reduce the aggregate oil price risk in the Norwegian economy.”