1233 GMT - British energy major BP isn't expected to start buying back shares until 2028 despite higher commodity prices, HSBC's Kim Fustier writes. The conflict in the Middle East has provided a cash windfall that will be used to pay down debt, she adds. BP's priority remains getting its leverage closer to peers, she says. HSBC sees BP's buybacks returning at $2 billion a year in 2028. If BP completes $3 billion of asset sales in 2027 and 2028, its total leverage should fall to around 11% by the end of 2028 and be in line with peers, she says. Shares fall 3% to 554.20 pence.