Norway’s $1 trillion oil fund should sell out of upstream oil and gas producers, according to a recommendation from the country’s government that has sent shockwaves through the energy sector.

However, the world’s largest sovereign wealth fund has given a reprieve to the global oil majors, with the decision to focus divestments on companies that solely explore and produce oil and gas rather than large integrated groups such as BP Plc (NYSE: BP) and Exxon Mobil Corp. (NYSE: XOM).

Norway’s oil fund owns about $37 billion in oil and gas shares, raising fears in Oslo over the impact of a sustained fall in energy prices to the Norwegian economy.

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