Russia September Oil Export Duty Set to Rise 5.5% as Urals Gains

August 16, 2013

Russia will probably boost duties on most oil shipments abroad by 5.5 percent on Sept. 1 after Urals crude prices rose.

The standard export duty may increase to $400.70 a metric ton, or about $54.67 a barrel, from $379.80 a ton this month, according to Bloomberg calculations based on oil price data from the Finance Ministry.

The government is seeking ways to encourage producers to meet President Vladimir Putin’s goal of keeping output at more than 10 million barrels a day. Production last month remained near June’s post-Soviet era record of 10.5 million barrels a day, according to data from the Energy Ministry’s CDU-TEK unit. Oil and gas provide about half of Russia’s budget revenue.

Copyright: Bloomberg, 2013.