BRITISH energy giant BP chopped its quarterly share buyback after President Donald Trump's erratic tariff agenda sent the price of oil tumbling.

BP cuts its buyback to $750m (£559m), compared to $1.75bn the previous quarter.

The firm's shares fell 2.43 per cent on Tuesday.

This comes after the cost of a barrel of Brent crude sank below $70 in the fallout of Trump's levies - the figure BP uses to create its financial targets.

The reporting period came ahead of Trump's 'Liberation Day' on April 2, which slapped sweeping tariffs on all trading partners.

But the London-based firm still faced difficulties as cash flow from operations slumped to the lowest level since the fourth quarter of 2020, when the average price of oil was under $40.

The oil company has faced pressure from activist investor Elliott which has called on BP to deepen spending cuts and make further divestments.

Elliott is eyeing free cash flow of $20bn by 2027, which is around 40 per cent higher than the company's current goal.

(c) 2025 City A.M., source Newspaper