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.

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