09:11 GMT +3 hours01 July 2016
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Russia Cuts Oil Export Duty to $395.9 Per Ton

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Russia reduced its crude oil export duty from $416.4 to $395.9 per metric ton starting November 1 based on monthly monitoring of global oil prices, the Economic Development Ministry said Friday.

MOSCOW, November 1 (RIA Novosti) – Russia reduced its crude oil export duty from $416.4 to $395.9 per metric ton starting November 1 based on monthly monitoring of global oil prices, the Economic Development Ministry said Friday.

According to data posted on the ministry’s website, the duty on light and dark oil products, which is established at 66% of the crude oil duty since October 2011, is set at $261.2 per metric ton ($274.8 in October).

The export duty on gasoline, based on a coefficient of 0.9, went down from $374.7 to $356.3 per metric ton, while the duty on liquefied gas exports increased from $121.3 to $154.3 per metric ton.

Monthly duty adjustment procedures were introduced by the Russian government in 2008 to respond more swiftly to changes in world oil prices.

According to government data, the average price for Urals-brand oil on global markets from September 15 to October 14 was $108.7 per barrel, or $793.8 per metric ton, which allowed for reduction of oil export duties.

Russian Energy Minister Alexander Novak said Wednesday that his ministry would soon examine the possibility of equalizing the export duties on crude oil and fuel oil products beginning in 2015.

Russia’s Finance Ministry estimates this measure could generate 255.5 billion rubles ($8 bln) in revenue in 2015 and 229.3 billion rubles ($7.1 bln) in 2016.

 

Tags:
crude oil, oil export, Russian Finance Ministry, Russian Ministry of Economic Development, Alexander Novak
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