The oil industry is not panicking about the macroeconomic headwinds it faces in the near term, but companies are concerned enough to be taking actions to preserve cash flows and balance sheets. Benchmark Brent crude prices have averaged about $68 per barrel year to date, some 15% below the 2024 average of $81/bbl. Prices remain relatively comfortable for most of the industry — save for higher-cost US shale producers. Previous buyback guidance of $2 billion per quarter was based on Brent prices above $70/bbl; guidance issued this week is based on Brent prices of $60-$70/bbl. But if Brent falls below $50/bbl for a sustained period, consultancy Wood Mackenzie says, "most firms will suspend share repurchases altogether."