Norway's sovereign wealth fund met with resistance trying to dump stocks of oil and gas sector valued more than $40 billion, Bloomberg reports.

On Friday government-appointed commission recommended not to turn away from oil investments, as it will not save Norway from falling oil prices and result in changing so far successful investment philosophy.

If oil stocks are excluded from portfolio, then investments composition will differ from general market, and this can cause either lower returns or higher risks, commission's experts think.

Fund shocked markets last year when it offered to stop investing into oil and gas, as Norway is too exposed to oil price volatility being the largest exporter in Western Europe and significant investor into the sector.

Despite of this, fund's growth last quarter to a large degree was due to oil and gas sector's return, which was 13% compared with 1,8% of total fund's return.