Saudi Oil Minister Ali Al-Naimi says the world oil market is well supplied and fundamentals do not support high prices.

To achieve strong U.S. economy and tight supplies of heating oil this winter, crude oil futures went back above $95 a barrel Friday.

Energy experts from around the world have gathered in Houston for a three-day conference on the issue of peak oil, which involves predictions that world oil production will soon reach its peak and then go into decline. This could cause a global economic crisis since demand for energy is not expected to slow, but, in fact, is expanding rapidly.

India's dependency on oil imports is likely increase to about 85 percent by 2012 from the current level of 70 percent, driven by the rising demand for energy, industry body Assocham has said.

Cyprus appears headed for a showdown with Turkey over Nicosia's plans to begin oil and gas exploration in the east Mediterranean. Nathan Morley reports for VOA from Nicosia that Cyprus wants to issue exploration permits for 60,000 square kilometers of seabed near the island later this year.

Oil prices continued falling Tuesday amid worries that crude prices have risen too high in recent weeks and speculations over OPEC comments that may signal a less bullish position on production and supplies.

Total Exploration and Production Company, plans to invest $7.5 billion in the upstream sector of the Nigeria oil and gas in the next five years, the company said.

Following a call for tenders, Total has been selected to build a petrochemical complex in Arzew, near Oran, Algeria, in partnership with Sonatrach.

Imperial Energy, a British company focused on oil exploration and production in former Soviet republics, rejected Monday Russian authorities' estimate of its oil reserves in the country, and stood by its own figures.

Manas Petroleum Corp. (OTC Bulletin Board: MNAP) Somon Oil, a 90% owned subsidiary of Manas' 100% owned subsidiary DWM Petroleum AG, has been awarded an exploration license by the Tajikistan government.

China will levy crude oil taxes from August 1 on crude oil exports by foreign partners in offshore exploration joint ventures, the government said on July 11.

Norway's Statoil has completed the drilling of Ballena, the second of the three wells that are part of the exploration campaign in Block 4 of Plataforma Deltana, located offshore eastern Venezuela. Out of two intervals tested, one flowed gas at significant rates.