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The European Union (EU) agreed on Friday, 1st September to ban crude oil imports from Syria with the embargo coming into effect on Saturday.

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.

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