The world’s largest sovereign wealth fund is exiting the oil market—a fact that is sure to have shaken Big Oil to the core. Divesting $35 billion worth of supermajor stocks is no small thing. Yet opinions are divided on what this means for the industry. On the one hand, the divestment is all bad news for an industry that has only recently begun to recover from the heavy blow of the 2014 oil price collapse and is still vulnerable to price shocks. If Norway’s fund has decided to curb its exposure to oil, so how many other large investors might follow suit? Especially at a time when the industry is under fire for, well, being the oil industry, and under threat from renewables and electric cars. On the other, it could actually highlight Big Oil’s resilience to all sorts of shock—a resilience the industry has worked hard to develop […]