U.S. Big Oil giants Exxon Mobil and Chevron said May 2 they will steadfastly maintain their spending and stock buyback ranges in the face of tariff uncertainty and lower oil prices—despite reporting declining quarterly earnings year over year.

Chevron Corp. will slash share buybacks this quarter after oil prices have tumbled, indicating that President Donald Trump’s trade war is hurting a key US industry he pledged to help.

President Trump’s trade policies have helped to push down oil prices while raising the costs of materials for oil and gas companies.

OPEC’s crude production fell last month despite the group’s long-awaited plans to increase, with much of the reduction stemming from looming US sanctions on Venezuela.

NEW YORK] Oil prices fell more than 1 per cent lower on Friday (May 2) and recorded their biggest weekly losses since the end of March, as traders turned cautious ahead of an Opec+ meeting to decide the group’s output policy for June.