Norway proposes new mix and spending cap for $900bn oil fund
And in a major shift in policy, Norway's minority right-wing government recommended cutting how much of the fund it is allowed to spend each year to 3 from 4 percent.
Norwegians have built up the fund from oil revenues and it is regarded as an insurance policy for when oil and gas reserves run out.
Its value is the equivalent of $171,000 for every Norwegian man, woman and child.
In recent years, the fund has diversified its investments away from Europe, and into the United States and Asia, and begun investing in real estate, raising its risk appetite in an attempt to increase long-term returns.
Changing the country's fiscal spending rule, in place since 2001, is a major policy departure. ■
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