Oil prices were reported at $82.08 per Brent, while US crude was at $78.01.

By: Marwa Al-Khol

Saturday, March 9, 2024 at 02:00 PM

Recorded Oil prices Brent crude futures settled at $82.08 a barrel and US West Texas Intermediate crude futures settled at $78.01 a barrel on Friday, as prices fell about 1% and posted losses on a weekly basis.

Austrian Chancellor Karl Nehmer has confirmed that the government is intensifying efforts to achieve energy independence as a new 40-kilometer gas pipeline is being built to reduce dependence on Russian gas.

In addition, the Austrian Chancellor explained that there is a need to make joint efforts to expand the energy network.

As the Electricity Industry Act aims to provide clear rules for rapid expansion of electricity networks, Nehmer pointed out the need for the government to ensure that networks are not overloaded.

The Austrian cabinet, headed by Chancellor Karl Nehmer, discussed the previously announced expansion plan to build a gas pipeline between Germany and Austria.

Nehmer said the plan to expand electricity networks was discussed in the “energy package” approved at the cabinet meeting, highlighting that the goal is to ensure the security of energy supplies and reduce dependence on Russian gas.

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