That's because wins in the courtroom for activists against Shell, Chevron and Exxon have been a tailwind for Saudi Aramco, Abu Dhabi National Oil Co and Gazprom. The pressure for U.S. names to cut carbon emissions faster pushes more business to companies in Saudi Arabia and Russia, and to OPEC, Reuters reports.
Among the recent wins was a Dutch court ruling that required Shell to "drastically cut emissions". Exxon and Chevron also both activist battles with shareholders who have accused the giants of not being proactive enough in addressing climate change.
Amrita Sen from consultancy Energy Aspects said: "Oil and gas demand is far from peaking and supplies will be needed, but international oil companies will not be allowed to invest in this environment, meaning national oil companies have to step in."