Russia to cut oil export duty 24% to $24.75/barrel from Dec 1

Russia to cut oil export duty 24% to $24.75/barrel from Dec 1

Moscow (Platts)--1Nov2006

Russia will reduce its export duty on crude to $180.7/mt ($24.75/barrel)
starting from December 1, 24% down from the current $237.6/mt ($32.55/bbl)
effective in October and November due to the recent decline in Urals crude
prices, a senior finance ministry official said Wednesday.
The export duty will amount to $180.7/mt in December and January, said
Aleksandr Sakovich, finance ministry official in charge of price monitoring
and duty setting.
Russia reviews export duties every two months, based on average world
price for Urals crude, the country's main export grade.
The average world price for Urals amounted to $56.94/barrel in September
and October, according to Russia's financial ministry.
The export duty on light oil products will decline to $134/mt from
December 1, down from current $172.4/mt, Sakovich said.
The fuel oil duty will drop to $72.2/mt from current $92.9/mt.
This is the first reduction in Russia's export duties after they hit
all-time highs several times during the last 21 months, rising from $83/mt in
February and March 2005 to $237.6/mt in October and November 2006.
--Nadia Rodova, nadia_rodova@platts.com

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