Iraqs cabinet has approved a long-awaited draft oil law and sent it to parliament for final passage, a measure seen as key for foreign investors seeking more solid legal guarantees.

A pipeline pumping Libyan natural gas to Italy should re-open by October 15, the head of Italian energy giant ENI SpA said, adding that he was concerned about supplies for the winter.

Strong oil prices will ally with increasing crude output by Saudi Arabia to boost its net foreign assets by more than US$94 billion through 2011 to reach their highest ever level at the end of the year, according to the IMF.

Royal Dutch Shell is planning to continue exporting Syrian oil in September despite fresh US sanctions and a looming EU embargo.

Libyas rebel government will honor all energy contracts granted legally under Muammar Qaddafis 42-year rule and work to restore oil output to prewar levels within a year, said rebel reconstruction leader Ahmed Jehani.