If all of the oil companies comply, all is gonna be well. If only one of them doesnt, things are gonna end up well as well. If only two dont, its probably still gonna be good. If three…
They just all wanna be that “one company that doesnt comply”, so they all dont comply.
There is a known experiment about 100 students being given a choice before a test - choose A and you gain 2 extra points. Choose B and you gain 6 extra points. However, if more than 30% of the students choose B, no one gains anything. From what i checked, in every iteration of this experiment, no one gained anything in the end. Thats just human nature.