Even as oil rallies back above $60 a barrel, obituaries are being drafted. Oil majors face questions from shareholders concerned the threat of climate change means some of the reserves underpinning the companies will never be produced. In a recent report, HSBC HSBA 1.04 % urged investors to plan for this risk of “stranded assets.” The risk is real—and doesn’t just boil down to efforts to curb climate change. One warning: Saudi Arabia’s decision to keep pumping despite the drop in oil prices. Apart from taking market share back from higher-cost rivals, the country’s oil minister has indicated concern about long-term demand in the face of technological and regulatory threats. Almost 1,400 climate policies had been enacted globally by 2013, according […]