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Norway’s $1 Trillion Wealth Fund Moves a Bit Closer to Oil Exit

May 22, 2018, 3:50 PM

Norway’s $1 trillion sovereign wealth fund cleared a hurdle on its proposed path to exiting oil and gas stocks.

The fund won support from academics at Norway’s top universities, whose responses are part of a hearing process. But more weight will likely be given to the opinion of a group that will give its view later this year before the government and parliament decides.

The fund shocked markets around the world last November when it asked for permission to divest oil and gas companies to reduce financial risk, arguing that Norway as a whole is heavily exposed to oil as ...