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Gazprom to ship Shtokman LNG to the Rabaska terminal in Canada. Initial production from the Shtokman field in the Barents Sea is expected to start in 2014.

Goldman Sachs raised its average oil price forecast for the second half of 2008 to $141 a barrel from $107 a barrel, arguing that global GDP growth is outstripping production increases, forcing long-dated future contracts higher.

Saudi Arabian leaders made clear Friday they see no reason to increase oil production until their customers demand it, apparently rebuffing president Bush amid soaring U.S. gasoline prices.

Contrary to earlier reports, Saudi Arabia has increased its oil production by 300,000 barrels per day in response to orders from customers, mostly from the United States, and will pump 9.45 million bpd in June.

The proposed start date for the C$16.2 billion Mackenzie gas pipeline could be delayed yet again, after a key regulatory review for the troubled project was pushed into next year.

Developers PN Hoffman Inc. and Struever Bros. Eccles & Rouse impressed members of the D.C. Council with their plans for redeveloping the Southwest waterfront Friday, but the District's chief financial officer expressed concerns about the impact of a proposed $198 million subsidy on the city's debt level.

Nearly two years after it opened, the Granite Works building in downtown Buffalo has landed its first retail tenant.

Jacksonville is one of at least 13 target markets for a public investment fund to invest $750 million in office properties. (PKY)