Norway’s Wealth Fund Cuts Big Oil Holdings in Profit Taking Move

Norway’s $1.3 trillion sovereign wealth fund took profit on the world’s biggest oil and gas companies after a run up in energy prices in 2022.

The fund, which is the biggest beneficial owner of publicly traded companies globally, cut its holding in Shell Plc, TotalEnergies SE and Exxon Mobil Corp last year, according to a list of holdings Norges Bank Investment Management publishes once a year on its website. Stakes in Chevron Corp. and BP Plc were also reduced.