The Sydney Morning Herald
March 11, 2019
Australian energy companies shed more than $2.5 billion on Monday after Norway's sovereign wealth fund’s decision to cut its global oil holdings, the rout even hitting companies the fund didn’t own.
The group is the world’s largest sovereign wealth fund, with more than $1 trillion in investments. On Friday, the fund's deputy governor, Egil Matsen, said it would divest its stakes in energy exploration and production companies "to make the government's wealth less vulnerable to a permanent drop in oil prices".