Oil prices collapse with biggest drop since 1991 Gulf War

The European Union approved a plan to cap prices of Russian oil at $60 a barrel, with the deal coming into effect December 5. Ukrainian President Volodymr Zelenskyy thinks it may not be enough. Follow DW for the latest.

The EU has stopped buying Russian seaborne crude oil as it seeks to deprive Moscow of a key revenue source fueling its war in Ukraine. The move will hurt Russia but not as much as the bloc would have liked.

A new oil pipeline set to cross Uganda and end at the Tanzanian coast is supposed to bring jobs and prosperity. But environmentalists and human rights activists are not convinced.

Chinese leader Xi Jinping wrapped up a visit to Saudi Arabia with a joint statement regarding bilateral commitments. Xi also invited Saudi King Salman bin Abdulaziz to visit Beijing.

EU member states are divided on the cap, with Germany, Austria and the Netherlands skeptical of the policy. Talks will resume on Monday, with France a key player in the final negotiations.

The busy Kiel Canal in northern Germany, linking the North Sea with the Baltic Sea, has come to a halt as crews try to clear the oil from waters after a pipeline leak.

Shell Petroleum Development Company (SPDC) yesterday announced that it would pay €15 million to farmers in three Niger Delta communities as compensation for damages to their farms from pipeline leaks between 2004 and 2007.

Uganda on Tuesday commissioned the first of its four planned oil rigs and the start of drilling the first production well, a key milestone as the country races to meet its target of first oil output in 2025 after a long delay.

More than 13,000 Nigerian residents take Shell to court over oil spills. The claim from 11,317 people and 17 institutions in the Niger Delta area of Ogale was filed last week, according to Leigh Day, the U.K. law firm representing the plaintiffs.

Women in Saudi Arabia were banned from driving until 2018. Now, Saudi Arabian women are taking to motorsport in a big way at the country's first all-women motorsport event - the Rally Jameel.

The Big Oil bonanza keeps on coming, as France's TotalEnergies rounds out a week of record profits. Oil and gas giants have faced growing criticism about their environmental impact, as well as calls to pay higher taxes while households and businesses struggle with high energy prices.

The five largest Western oil firms announced nearly $200 billion in profits after the Ukraine war sent energy prices soaring. As China reopens, oil demand is likely to stay strong, alongside calls for windfall taxes.