Norges Bank advises removal of oil and gas stock from government fund

Offshore oil rig

Norges Bank has recommended the Norwegian finance ministry remove equity investments in the oil and gas sector from the benchmark index of the nation’s sovereign wealth fund.

In a letter sent on November 14 but made public by the central bank on November 16, Norges Bank says “the vulnerability of government wealth to a permanent drop in oil and gas prices will be reduced if the fund is not invested in oil and gas stocks.”

The Government Pension Fund Global, as it is officially called, is the

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