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• Saudis cut crude prices to all regions amid oil-price weakness
  Saudi Aramco on Sunday said it would cut crude prices to all...
  Saudi Aramco on Sunday said it would cut crude prices to all regions, including its largest market in Asia — a move that comes amid weaker global oil prices and increased production by producers outside the Organization of the Petroleum Exporting Countries.
  
  In a notice, state producer Aramco said February prices for various grades of Saudi crude, including its flagship Arab light, in Asia would fall $2 a barrel versus the Oman/Dubai regional benchmark from their January levels.
  
  The premium for Saudi crude versus the ASCI index, a benchmark for Gulf Coast sour crudes, will also fall $2 a barrel from January, Aramco said. Prices in northwest Europe and the Mediterranean will be down $1.50 to $2 a barrel versus the ICE Brent crude benchmark versus January prices.
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• US Drillers Cut Oil, Gas Rigs for Third Week in a Row
  U.S. energy firms this week cut the number of oil and natural gas rigs operating for the third time in...
  U.S. energy firms this week cut the number of oil and natural gas rigs operating for the third time in four weeks, Baker Hughes reported. The combined oil and gas rig count, an early indicator of future output, fell by 1 to 621 in the week to Jan. 5.
  
  U.S. oil rigs rose by 1 to 501 this week, while gas rigs fell by 2 to 118.
  
  Analysts have said the rig count has declined from a post-pandemic high of 784 rigs in December 2022 due mostly to a drop in oil and gas prices.
  
  U.S. oil futures dropped by around 11% in 2023 after gaining 7% in 2022. U.S. gas futures, meanwhile, plunged by about 44% in 2023 after rising about 20% in 2022.
  
  Despite lower prices, spending, and rig counts, U.S. oil and gas output was still on track to hit record highs in 2023 and 2024 as firms complete work on already drilled wells.
  
  The total number of drilled but uncompleted (DUC) wells remaining dropped to a record low of 4,415 in November, according to federal energy data going back to December 2013.
  
  
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• America’s first big offshore wind farm is up and running
  A new turbine off the coast of Martha’s Vineyard started delivering electricity to the New England...
  A new turbine off the coast of Martha’s Vineyard started delivering electricity to the New England power grid last week, marking the kickoff of the country’s first large-scale commercial wind farm. By the end of the year, Vineyard Wind 1 aims to have 62, 800-foot turbines spinning, which it says will power 400,000 homes in Massachusetts. The wind farm became the first US offshore wind initiative to receive complete federal approval back in 2021—previous projects failed to launch.
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• Phillips 66 CEO bullish on refining as non-core sale mulled
  Phillips 66 is engaged in discussions regarding a potential sale of its non-core assets, which are valued...
  Phillips 66 is engaged in discussions regarding a potential sale of its non-core assets, which are valued at $3 billion, according to CEO Mark Lashier. Additionally, Lashier conveyed optimism about its refining business for the upcoming year and expressed confidence in the long-term potential of its CP Chemical joint venture with Chevron.
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• EOG exec: US oil growth to decline sharply in 2024
  EOG Resources President Billy Helms expects US oil production growth to slow down significantly in 2024,...
  EOG Resources President Billy Helms expects US oil production growth to slow down significantly in 2024, potentially amounting to less than 50% of last year's estimated 900,000-barrel-per-day increase. EOG plans to hold activity steady in core regions this year, although it may pursue an expansion in the Utica Shale, Helms told investors.
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