Norway's trillion-dollar sovereign wealth fund is proposing to drop oil and gas companies from its benchmark index, which would mean cutting its investments in those companies, the deputy central bank chief supervising the fund told Reuters, sending energy stocks lower. "Our advice is to simply remove the oil and gas sector, as it is defined in the FTSE reference index, from the fund's reference index," Matsen said. The fund is the world's largest sovereign wealth fund. It invests Norway's revenues from oil and gas production for future generations in stocks, bonds and real estate abroad. "Oil price exposure of the government's wealth position can be reduced by not having the fund invested in oil and gas stocks."

Source: CBC News November 16, 2017 16:15 UTC