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

Chevron said net income fell by just over a third to $3.5bn in the first quarter, down from $5.5bn a year earlier, and slightly below analysts’ consensus estimates. Revenues fell to $47.6bn, down from $48.7bn a year earlier, as its global production remained flat.

Experts often talk about the oil price Saudi Arabia needs to balance its budget, but it has time and space to rely on debt, experts say