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Russia plans to hike Crude Oil export duties

MUMBAI (Commodity Online): Russia plans to hike the export duty of Crude Oil from $266.5 per ton to $289-292, while duties on East Siberian oil may raise to $98-100 from the current $82.1 per ton from November, RIA Novosti reported citing Finance Ministry's statement.

\"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.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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