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The world's biggest sovereign wealth fund may drop oil and gas stocks from Index

Norway's trillion-dollar sovereign wealth fund has asked the government for permission to drop oil and gas stocks from its main index in an effort to reduce the bank's, and in turn the Norwegian government's, vulnerability to fluctuating oil prices, per Reuters.

Why it matters: If the bank's proposal is approved by the finance ministry and adopted by parliament, oil and gas companies would be hit with a significant cut in investments. According to Reuters, the energy stocks, which currently represent about $37 billion of the fund's benchmark equity index, would be entirely eliminated in the coming years.