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Speaking four days before an OPEC meeting, the OPEC governor also reiterated Iran's view that OPEC members should cut output to their agreed targets so that oversupply in the market was reduced.

Slower demand, an economic downturn and cheaper oil could convince OPEC it needs to trim supply unofficially, but the producer group is expected to leave public output targets unchanged when it meets next week.

Crude oil prices held relatively stable overnight Friday, gaining 18 cents on the New York Mercantile Exchange to $106.48 per barrel.

Natural gas futures rose as updated storm models showed an increased threat to energy infrastructure from Hurricane Ike. The hurricane is now projected to take a more southerly course, potentially heading into the Gulf of Mexico next week.

The agreement could have an impact beyond the two nations, as they vowed to enable their national oil companies to jointly participate in exploration ventures in other countries as well.

Companies are redeploying personnel to rigs and offshore platforms in the Gulf of Mexico, as well as reinstating production. Currently, 90.5% of the oil production is shut-in.

IBC Bank is encouraging more customers to be more environmentally conscious by offering incentives to switch from paper bills to online banking. (IBOC)

Smith & Wesson Holding Corp.’s first quarter revenue rose 5 percent on the strength of increased demand for pistols.

V3 Corporate Center at 1048 N. 44th St. in Phoenix has been sold for $10.5 million to a Dublin, Calif. firm.

Richard "Dick" Leinenkugel, an executive with the Jacob Leinenkugel Brewing Co., has been appointed by Gov. Jim Doyle as the secretary of the Wisconsin Department of Commerce.