The FINANCIAL — According to RIA Novosti, Russia is lowering the oil export duty on its benchmark Urals blend 4% to $231.2 per metric ton from $240.7 from November 1, following trends on global oil markets.
In line with a government resolution, the duty on light petroleum products drops to $168.1 per ton from the current $174.5 per ton, and the duty on heavy petroleum products to $90.5 per metric ton from the current $94 per metric ton.
Since March 1, when global oil prices stabilized at $43 per barrel, the export duty on Russian oil rose to $115.3 per metric ton for the first time in the first four months of the year. In April it fell to $110 per metric ton. In the subsequent months, the Russian oil export duty was seen to increase again, following a rally on global oil markets.
Last year, the government abandoned its previously accepted bimonthly adjustments of export duties, and from December 1 switched to setting duties for oil and oil products on a monthly basis to respond more swiftly to changes in world oil prices. The duty is set by a formula based on the price of the Russian benchmark Urals blend.
According to the Russian government's official forecast, the average annual crude price in 2009 will total $57 per barrel.
