Norway’s $1.9 trillion sovereign wealth fund pared back its holdings in oil and gas majors including Exxon Mobil Corp and Chevron Corp in the first half of the year.
The fund trimmed its position in Exxon to 1.32% from 1.46% at the end of 2024. Its second-biggest energy holding, Shell Plc, was reduced to 2.55% from 2.78% during the same period. Positions in Chevron, BP Plc and TotalEnergies SE were all cut, according to holdings posted on its website on Tuesday.
Oil prices retreated in the first half, despite a spike in June due to the conflict between Israel and Iran. President Donald Trump’s trade policies and moves by OPEC+ nations to keep increasing output quotas weighed on the outlook for energy demand and raised concerns around oversupply.
Energy stock holdings as a whole for Norges Bank Investment Management — the official name of the fund — returned 6.3% in the first half of 2025, the fund said in its first half report Tuesday. The sector accounts for 2.9% of the equity portfolio.
Norway’s wealth fund, the world’s largest, owns about 1.5% of listed stocks globally. More than two thirds of the fund is in equities, all outside of Norway. The manager of the Nordic country’s oil and gas wealth is to a large degree an index tracker.
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