Norway unexpectedly took almost $400m (€360m) from its sovereign wealth fund in August, marking the first such withdrawal in over a year as western Europe’s biggest petroleum producer takes advantage of its enormous piggy bank amid a decline in oil prices.

Norway’s €512bn sovereign wealth fund, the world’s largest, returned 4.7% last quarter as global stock markets recovered after central banks from the US to Japan stepped up efforts to stimulate growth.

Oslo: Norway’s sovereign wealth fund, the world’s second-largest, said the value of its investments rose a record 26% last year as markets rebounded.