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The International energy Agency on Friday cut its oil demand growth forecast for 2008 to its lowest rate in percentage terms since 1993, citing economic weakness and "a spiralling liquidity crisis."

Brazil will not alter existing contracts with foreign and local oil producers that have discovered huge reserves in the subsalt cluster deep under the ocean floor, energy Minister Edison Lobao reiterated on Friday.

Pemex has restored 250,000 barrels a day of crude that it was forced to shut in on Sept. 23 because storm-battered U.S. refineries had to cancel crude shipments, Pemex said Thursday.

The cost to produce crude oil from Brazil's promising subsalt deposits will run between $40 and $50 a barrel at current conditions, Mines and energy Minister Edison Lobao said Friday.

Crude oil prices plunged below $80 a barrel Friday morning amid global sell-off.

Big oil-producing countries are showing signs of distress as the global credit crunch and falling crude prices begin to squeeze government budgets and delay projects.

The size of the Dagny discovery in the North Sea is being upgraded to contain between 130 and 170 million barrels of oil equivalent after drilling of a sidetrack well has been completed.

Telligent said Friday the North Texas company has opened a new international headquarters in London.

Florida ranks third in the nation in the number of foreclosures, with 64.2 filings per 1,000 households in September.

Real estate watchers see Wells Fargo & Co.’s acquisition of Wachovia Corp. as the best possible scenario for Charlotte’s office market. (WB) (C) (WFC) (DUK)