News Briefs - Aug. 11
The Latest Headlines:
- Saudi Arabia Says Spare Oil Capacity Could Be Used Now
- IEA Boosts Oil Demand Forecast
- Commercial Vehicle Group Completes IPO
- New Intermodal Park to be Built in Kentucky
- Speedco to Sell Goodyear Truck Tires
- IEA Boosts Oil Demand Forecast
Saudi Arabia Says Spare Oil Capacity Could Be Used Now
Saudi Arabia, the world's largest oil exporter, said Wednesday it holds more than 1.3 million barrels a day of idle oilapacity that could be used "immediately," Bloomberg reported.
The comments followed a jump in oil prices to $45 a barrel in New York for the first time on Tuesday. Prices have since declined off record levels.
IEA Boosts Oil Demand Forecast
The International Energy Agency, the oil adviser to 26 industrialized nations, raised its forecast for oil demand this year and next and also said record prices were hurting the world economy, Bloomberg reported.EA said oil demand in 2004 would average 82.2 million barrels a day, 700,000 more than a July estimate, after changes to historical data, Bloomberg said. Next year, oil use would average 84 million barrels a day, also 700,000 more than earlier forecast.
The agency said it has underestimated oil use for years and is recognizing that demand now in an annual review. The change comes from higher-than-estimated use in nations outside the Organization for Economic Cooperation and Development, Bloomberg said.
IEA was founded in 1974 after the Arab oil embargo of the previous year caused a surge in prices that hurt western economies. Transport Topics
Commercial Vehicle Group Completes IPO
Commercial Vehicle Group Inc., a supplier of interior systems, and other cab-related products for the commercial vehicle market, said it had completed its initial public offering of common stock.The company said in a statement it sold 3.125 million shares and certain stockholders sold 6.125 million. All shares were priced at $13.
Proceeds would be used to repay outstanding indebtedness and for general corporate purposes, the company said. Transport Topics
New Intermodal Park to be Built in Kentucky
Rep. Hal Rogers (R) on Tuesday announced a new intermodal park would be built in the southern Kentucky town of Ferguson, the Lexington Herald Leader reported.Rogers got $7 million in federal funds to help develop the facility for switching freight between trucks and railroads, the article said.
The site is still undergoing an environmental assessment, but construction is expected to start early next year.
Once the facility is done, the development corporation will lease it to Norfolk Southern Railway to operate, the article said. Transport Topics
Speedco to Sell Goodyear Truck Tires
The Goodyear Tire & Rubber Co. said Monday that Speedco Inc. would begin selling Goodyear's commercial truck tires at stores.Speedco, a prodiver of truck lubes as well as maintance services, has 32 stores nationwide, Goodyear said in a statement.
Although it could take nearly two years for some stores to begin selling the tires, they are already available at Speedco stores in Atlanta, Amarillo, Texas and El Paso, Texas.
Terms of the deal were not disclosed. Transport Topics
