Norway to ditch oil stocks from Norges Bank fund

Offshore oil rig

Norway’s government has asked the central bank to sell any oil stocks held in its sovereign wealth fund, after a review concluded this would reduce the economy’s exposure to oil price risk.

The Government Pension Fund Global, managed by Norges Bank, is built on the revenues from Norway’s oil industry. But by investing in stocks related to the exploration and production of oil and gas, the government fears the economy may be too vulnerable to shocks to the oil price.

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