Russia May Lower Oil Export Tax 8.9% in August

Russia, the world’s biggest energy exporter, may reduce duties on most oil shipments abroad by 8.9 percent from Aug. 1 after Urals prices fell, while extending tax breaks for offshore fields and highly viscous crude.

The standard export duty may fall to $336.60 a metric ton, or $45.92 a barrel, from $369.30 a ton this month, according to Bloomberg calculations based on Finance Ministry data.

Russia’s government is extending tax breaks for offshore and hard-to-recover resources to stimulate output and meet President Vladimir Putin’s goal of keeping production at more than 10 million barrels a day, a post-Soviet high. Oil and gas provided half of budget revenue last year.

To contact the reporter on this story: Jake Rudnitsky in Moscow at jrudnitsky@bloomberg.net

To contact the editor responsible for this story: Stephen Voss at sev@bloomberg.net

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