Oil Price Drop Forces Europe's Energy Giants to Cut Buybacks: BP, Shell, TotalEnergies, Equinor, Eni

[Para 1: The Lead] Oil prices hovering around $60 per barrel have compelled Europe's major oil companies to reconsider their share buyback strategies. Analysts predict a 10% to 25% reduction in buybacks for BP, Shell, TotalEnergies, Equinor, and Eni, as the persistently lower oil prices make previous buyback levels unsustainable. [Para 2-3: Supporting details & Context] The European oil majors, facing lower oil prices compared to $100 in 2022 and $80 in 2023 and 2024, are adjusting their capital allocation strategies. This shift is part of a broader industry trend where companies prioritize oil and gas production over renewable energy investments. European firms are cutting back on buybacks to preserve a strong balance sheet and maintain financial flexibility amidst uncertain economic and geopolitical conditions. BP, Shell, TotalEnergies, Equinor, and Eni are among those expected to reduce their share repurchases significantly, reflecting the industry's response to lower oil prices and the need to realign capital allocation for long-term growth.