Selling Norway's oil shares 'won't save it from fall'
Norwayâs huge sovereign wealth fund should hang on to the tens of billions of dollars of shares in oil and gas companies that it holds, according to a government commission that has contradicted earlier findings by the countryâs central bank.
The commission said that dumping its energy shares would not protect the $1 trillion fund from a long-term slump in the oil price.
It also said that owning shares in oil majors, such as BP and Royal Dutch Shell, only slightly increased the oil-rich nationâs exposure to fluctuating prices.
Oystein Thogersen, chairman of the commission, said in the report published yesterday: âDivestments of the energy stocks in the [fund] is not an effective insurance against a permanent decline in oil prices. The energy stocks onlyâ¦Source: Google News Norway | Netizen 24 Norway