RIYADH: Oil prices ticked up as the market is looking toward a meeting of the Organization of Petroleum Exporting Countries and its allies, known as OPEC+, as well as a Federal Reserve rate decision and US government data on crude and fuel stockpiles on Wednesday.
Brent crude futures rose 23 cents, or 0.27 percent, to $85.69 a barrel at 03.45 p.m. Saudi time. West Texas Intermediate US crude futures rose 44 cents, or 0.56 percent, to $79.31 a barrel.
However, OPEC+ is expected to maintain the status quo on output. In October 2022, OPEC+ had agreed to cut output by 2 million barrels per day, which equals to about 2 percent of world demand, from November 2022 until the end of 2023.
Oilfield services firm Atlas Energy files for US IPO
Oilfield services firm Atlas Energy Solutions Inc. filed for a US initial public offering on Tuesday, at a time when drilling activities around the world are picking up from pandemic lows.
According to a Reuters report, the Texas-based firm was preparing for a public listing that could value it between $2 billion and $3 billion including debt.
Atlas joins a small minority of IPO-bound firms that have chosen to proceed with their proposed listings even amid a global market rout that has prompted many startups to shelve their stock market flotation.
Energy companies were among the biggest winners of last year as the war in Ukraine piled pressure on the commodities supply chain.
Western sanctions on top energy exporter Russia tightened global supplies, forcing Europe to look for other sources of oil and gas and driving business growth as companies ramped up production to meet soaring demand.
Atlas Energy plans to float its shares on the New York Stock Exchange and expects to trade under the ticker symbol “AESI.”
Goldman Sachs, BofA Securities and Piper Sandler are the lead underwriters of the offering.
Mexico state-run oil firm Pemex places bond totaling $2 billion
Mexico state-run oil company Pemex placed a bond Tuesday worth $2 billion, the company said in a statement.
The new fundraise — which was five times oversubscribed — will be largely used to refinance some of the cash-strapped company’s mounting debt, it added.
(With input from Reuters)