UBS Analysts noted in their report that European oil giants may slow the pace of their quarterly share buybacks. They believe companies may use this opportunity to reassess their capital frameworks in light of updated earnings outlooks. London-listed Shell is expected to see the most significant reduction, with its quarterly buyback volume falling from $3.5 billion to $3.0 billion.BP should be able to use cash proceeds from asset divestitures to maintain its buyback levels; previously, the British oil giant had already cut its quarterly buyback volume from $1.75 billion to $750 million early last year. Additionally, TotalEnergies of France is expected to reduce its buyback volume from $1.5 billion to $750 million.Analysts also noted that Italy’s Eni and Norway’s Statoil may announce reductions in their buyback programs at their respective Capital Markets Days.