Around noon GMT London's FTSE 100 was down 2.9%, Germany's Dax was down 2.8% and the Cac-40 in Paris was down 3.1%.
Shares in Shell tumbled almost 5.7% after itsaid that annual profits would be slightly below City expectations.
Oil shares were also hit by the continued fall in crude prices. Brent Crude was down 2.4% at $28.08 a barrel.
Crude oil prices have been falling since 2014 but despite that fall, producer countries have maintained output.
Asian losses
Earlier in Japan, shares fell to their lowest level since October 2014, with the Nikkei 225 closing down 3.71% at 16,416.19.
The fall marked the biggest one-day drop since late September.
One of the biggest losers was Sony, which fell 8%. Softbank Group fell 7%.
On the currency markets the pound was one tenth of a cent higher against the dollar at $1.41.64, and 0.2% lower against the euro at €1.29.47.
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