Norway’s Government Pension Fund Global, the world’s biggest sovereign wealth fund, has scaled down its investments in several leading oil and gas companies during the first half of 2025.

The $1.9 trillion fund cut its shareholding in ExxonMobil to 1.32 percent, valued at $6.12 billion, down from 1.46 percent at the end of 2024. Its stake in Shell was also reduced to 2.55 percent, worth $5.3 billion, compared to 2.78 percent previously. Similar reductions were made in BP, TotalEnergies, and Chevron, whose holdings now stand at 3.15 percent, 1.49 percent, and 1.07 percent respectively.

Energy stocks made up 2.9 percent of the fund’s total equity portfolio as of June 30. Despite the cutbacks, the sector delivered a 6.3 percent return for the fund in the first six months of the year, slightly higher than the overall equity return of 5.7 percent.

According to the report, financials, telecoms, and utilities recorded the strongest gains over the period. However, the fund’s managers warned that political uncertainties, particularly in the United States, have created volatility in fixed-income markets.

Established in the 1990s, the Norwegian oil fund was designed to manage revenues from the country’s petroleum industry. Since its first transfers in 1996, it has grown into a global investment giant, holding stakes in thousands of companies worldwide and influencing global financial markets.