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Equinor: suspending buybacks until further notice

( - Given current market conditions, Equinor is suspending its buybacks until further notice, the Norwegian oil firm said on Monday.

A share buyback program of up to 5 billion dollars, intended to be executed in the market until 2022, was announced in September 2019, together with the launch of a first tranche to executed up to February 2020.

Equinor said it has also started to implement measures to reduce operating costs, capex and exploration spend.

These actions are being taken in order to remain resilient in a period of "volatility" and "market uncertainty" due to the spread of Covid-19 and low commodity prices, it said.

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