World's biggest wealth fund plans to sell out oil stocks
The Oslo-based fund is reportedly aiming to reduce its exposure in the oil sector amid a three-year drop in energy prices which had an impact on Norway’s economy.
Accordingly, the fund proposed to sell out all of its shares in the oil and gas companies, including BP, Royal Dutch Shell, Total, Chevron, ExxonMobil and Norway’s state-owned StatOil.
Following the news, ExxonMobil’s shares fell by 1.3% while Shell was down by 1.3%.
Meanwhile, Saudi Aramco’s long-awaited IPO may also face some setbacks as this largest investment portfolio in the world was previously regarded as a potential investor for Aramco, the media reported.
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