Shell dropped 5.3 percent to 1,646 pence. BP, Europes second-largest oil company, slid 5.8 percent to 496 pence. Eni SpA, Italys biggest, lost 7.2 percent to 16.46 euros.
Crude oil for January delivery fell as much as 8.5 percent to $49.52 a barrel in New York after the Organization of Petroleum Exporting Countries deferred a decision to reduce output for another two weeks.
Slowing global growth means demand will be much lower than expected a month ago, OPEC said after the groups Nov. 29 meeting in Cairo. Another cut on Dec. 17 may not be needed if member states enacted 80 percent of the 1.5 million barrel-a-day reduction agreed in October, Al Hayat reported, citing Saudi Arabias Oil Minister Ali al-Naimi.
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EBOOK TITLE: “SIR HENRI DETERDING AND THE NAZI HISTORY OF ROYAL DUTCH SHELL” – AVAILABLE ON AMAZON
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