Russia may raise oil export duty, again


MOSCOW — Russia’s export duty on crude oil may be raised to $179 per ton starting on October 1, Alexander Sakovich, deputy chairman of the finance ministry’s customs department, told RBC.

The price of Urals oil averaged $56.60 per barrel during a period of monitoring – from July 1 to August 26, - Sakovich said. Based on the results of the monitoring, which will end on August 31, and the formula for calculating the oil export duty, it could be set at $179.10 per ton, he said, adding that the export duty on light oil products could be raised to $133 per ton, and that on heavy oil products might be set at $71.60.

Raising the customs duties to a new high would not hit oil producers, with oil prices rising and oil companies getting profits of $100 per ton, the official said.

The price of the OPEC basket rose to $59.76 per barrel last week, and the price of oil climbed to its all time high on the New York Mercantile Exchange, rising above $70 per barrel.

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