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.

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

Citadel Capital, an Egyptian private equity firm, has won a contract from Iraq's government to build an oil refinery in the country with capacity of 150,000 bpd.

According to Frost & Sullivan, the approaching end to the Libyan struggle for change is unlikely to result in sustained peace with forces loyal to the old regime still remaining active.