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Russia to cut oil export duty slightly to $24.66/barrel Feb 1
Platts
Moscow
Petroleumworld.com 12 29 06Russia is likely to reduce slightly its export duty on crude to around
$180/mt ($24.66/barrel) starting from February 1, down from the current
$180.7/mt ($24.75/barrel) effective in December and January due to the recent
slight decline in Urals crude prices, a senior finance ministry official said
Thursday.
"The oil export duty will amount to some $180/mt in February-March, if
the Urals crude average world price would stay at around $56/barrel in the
last two trading sessions of December," finance ministry official in charge of
price monitoring and duty setting, Alexander Sakovich, said. The Urals price
in November and the first 27 days of December stood at some $56.8/barrel,
according to the ministry.
If the Urals oil average world price reduces to $55/bbl in the remaining
days of December, the export duty will decline further to $179.7/mt, he said.
If the trend changes and the average price goes up to some $58/bbl, the export
duty will amount to $180.3/mt, he said.
Russia reviews export duties every two months, based on average world
price for Urals crude, the country's main export grade.
The crude export duty fell by 24% to the current $180.7/mt from December
1, following the decline in Urals crude prices in September and October.
The drop was the first reduction in Russia's exports duties after they
hit all-time highs several times in 2005 and during the first months of 2006,
rising from $83/mt in February and March 2005 to $237.6/mt in October and
November 2006.
The export duty on light oil products is likely to decline to some
$133.6/mt from February 1, down from the current $134/mt from, Sakovich said.
The fuel oil duty will be at $72/mt, compared with the current $72.2/mt.
--Nadia Rodova, nadia_rodova@platts.comFor more news, request a free trial to Platts Oilgram News at
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