sovereign fund

Oil & Gas

Norway to world: We’re sitting out the big wealth fund selloff

The world’s biggest wealth fund won’t be joining its counterparts in a selloff that’s hurting already depressed markets. In fact, officials who supervise the $780 billion fund haven’t even discussed the possibility of shifting strategy, according to Egil Matsen, who this week started as the new deputy central bank governor in charge of oversight of the investor.

Oil & Gas

Norwegian krone to sit out currency war as oil fixes plunge

Norway’s central bank can probably sit out the global currency war that is now at its doorstep. Even a potential intervention in neighboring Sweden is unlikely to boost the Norwegian krone as a deepening rout in Brent crude drags down the currency of western Europe’s biggest crude producer. “At the end of the day, the Norwegian krone is oil- fixated,” said Daragh Maher, head of currency strategy for HSBC in New York. “Really, the issue is whether the oil price can find a bottom.”

Oil & Gas

Norwegian withdrawal from sovereign fund marks ‘radical change’

A decision by the Norwegian minority government to start making withdrawals from the country’s sovereign fund could mark a “radical change” for the region. Leading expert Professor Jon Kleppe, from the Norwegian University of Science and Technology in Trondheim, said the sovereign fund has risen from NOK 6300billion at the start of the year to NOK 7000billion. He said the increase was largely down to the weakening of the Norwegian Kroner next to the US dollar.