Russia Cuts Oil Export Duty

November 1, 2013

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, RIA Novosti has cited the Economic Development Ministry as saying on November 1.

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.

Copyright: RIA Novosti, 2013