Yes, absolutely. If you look at life cycle emissions out of an oil sands barrel, for example, probably 80% of the emissions are downstream, so to speak. In the refining sector, the largest share is in the combustion side.
Any policy that affects combustion emissions and therefore releases demand for oil, releases the oil price the producers see, is going to have a much larger impact on the financial viability of these projects than something that affects that smaller share of emissions upstream.
If you want to boil it down, the real question is what's the producer oil price after these policies go in place?