Norway deals a blow to an oil Industry that's quickly losing friends

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Analysis: Norway deals a blow to an oil Industry that's quickly losing friends

The decision of the world's largest sovereign wealth fund to reduce holdings in oil stocks wasn't as far-reaching as the industry feared, but dealt a symbolic blow to fossil fuels that will reverberate for energy companies and their investors.

Norway's $US1 trillion fund is rooting out $US7.5 billion of companies that focus purely on exploration and extraction.It's a bitter taste of the new reality for oil producers, which increasingly have to fight for investor dollars rather than enjoying the perks of being indispensable to the global economy.

 

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A mere blip and nothing more. For every divestment there is an equal investment. The oil industry is the backbone of trade and travel globally and so will for the foreseeable future have massive market share, profit and investment.

The indoctrination of the masses.

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