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Russia's oil export duty may rise to $289-292 per T from Nov. 1- FinMin

Russia's oil export duty may rise to $289-292 from the current $266.5 per ton from November 1, while export duties on East Siberian oil may increase to $98-100 from the current $82.1 per ton, the Finance Ministry said on Tuesday.

Russia's oil export duty may rise to $289-292 per T from Nov. 1- FinMin

Russia's oil export duty may rise to $289-292 from the current $266.5 per ton from November 1, while export duties on East Siberian oil may increase to $98-100 from the current $82.1 per ton, the Finance Ministry said on Tuesday.

"Price monitoring showed that from September 15 to October 11, the average price stood at $79.7 per barrel. If the price remains within an $80-85 per barrel range in the next three days, the final monitoring price will amount to $79.74-80.43 per barrel," Alexander Sakovich, head of Finance Ministry's analytical department, told RIA Novosti.

As a result, according to an official formula to calculate the export duty, it may amount to $289-292 per ton, while export duty on East Siberian oil may stand at $98-100 per ton from November 1.

From July 1, the government has levied a low export duty on oil extracted from some East Siberian fields, which are difficult to access and was not previously subject to export duties.

The light oil products export duty may amount to $207-209 per ton from November 1, while the dark oil products duty may amount to $111-113 per ton.

In the first half of the year, Russian oil prices have risen to $75.93 per barrel from $50.82 per barrel year-on-year. The Economic Development Ministry increased its forecast of the average Urals oil blend price to $75 per barrel from $54-57 per barrel.

Source : RIAN


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