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BP stays cautious as Trump's tariffs bite
The Gazette
|April 30, 2025
BRITISH energy titan BP was forced to scale back its share buyback programme, after President Donald Trump's tariff strategies sent oil prices into a nosedive.
In a cautious move, BP pared its buybacks down to $750m (£559m), a substantial drop from the $1.75bn allocated in the previous quarter.
Trump's aggressive tariffs pushed the price of Brent crude under the critical $70 mark, a crucial benchmark for BP's financial planning.
This disappointing performance unfolded just before Trump's so-called 'Liberation Day' on April 2, when he unloaded expansive tariffs affecting all trading partners.
This story is from the April 30, 2025 edition of The Gazette.
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