London, Jan 8, 2026, 08:10 GMT — Regular session
- BP down about 1% in early London trade after a sharp fall a day earlier
- Norway’s sovereign wealth fund disclosed it had cut its BP holding to about 3%
- Traders are weighing oil supply signals and BP’s next results and dividend update
BP shares fell about 1% in early trading on Thursday, extending the prior session’s drop after Norway’s sovereign wealth fund disclosed it had pared back its holding. The stock was at 414.05 pence, versus a previous close of 418.20.
The trimming matters because BP has been trying to steady investor confidence while oil-price swings keep driving the sector day to day. Big holders moving stock can add to pressure at the margin, especially when the macro tape is already noisy.
Norges Bank Investment Management, which runs the Norwegian fund, cut its shareholding in BP to about 2.99% from around 3.99%, a stock exchange filing showed. Norges Bank declined to comment and BP did not respond to a request for comment, Reuters reported.
The sell-down landed as energy stocks have been yanked around by Venezuela-related headlines that have pushed crude prices lower at times this week, dragging on oil majors including BP and Shell.
Oil prices were a touch firmer on Thursday after a bigger-than-expected U.S. crude stock draw, but the same story keeps circling back: supply. Morgan Stanley has flagged a potential 3 million barrel-per-day surplus in early 2026, a backdrop that can cap rallies.
BP also has company news in the mix. Corteva and bp said they had launched a biofuel feedstock joint venture, Etlas, targeting production and delivery into global markets.
Even after the latest dip, BP is still trading well below its recent highs; the stock ended Wednesday about 12% under its 52-week peak. Turnover on Wednesday was above its recent average, a sign the move caught real attention.
The risk for bulls is pretty plain: if crude slides again on fresh supply expectations — Venezuela or otherwise — the market tends to mark down the big integrated names fast, and forced or mechanical selling by large holders can make the tape look worse than the fundamentals.
