As US and Europe push climate policies, Middle East and Russian state oil producers stand to benefit
Yes, oil producers will benefit. But they also have a problem at the tails they have helped create. Their successive low – high – low – high oil price swings have thrown money at shale when prices were high and cut the flab when they were low. Do this a couple of times and you have a workout regimen for a monster. Shale is already coming back. Just let oil prices go to USD 100 and gas prices also gain a few USD and drilling will be crazy again. And Biden cannot stop it without Congress which cannot muster a majority on anything.
Watts Up With That? 
