UBS analysts noted in a report that European oil majors might slow down their quarterly share repurchase pace. Analysts believe that companies may use this opportunity to re-evaluate their capital frameworks in conjunction with updated earnings outlooks. London-listed Shell is expected to see the most significant reduction, with its quarterly buyback size decreasing from $3.5 billion to $3.0 billion. BP should be able to maintain its buyback level using cash proceeds from asset divestments; the British oil major had previously cut its quarterly buyback from $1.75 billion to $750 million early last year. Additionally, TotalEnergies' buyback is expected to decrease from $1.5 billion to $750 million. Analysts also stated that Italy's Eni and Norway's Equinor might announce reduced buyback sizes on their respective capital markets days.