Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Russia May Cut February Crude Export Tax 1% After Urals Drops

Jan. 16 (Bloomberg) -- Russia, the world’s biggest oil producer, may lower its export duty on most crude shipments by 1 percent from Feb. 1 after Urals prices fell.

The standard duty may drop to $393.70 a metric ton, or $53.71 a barrel from $397.50 a ton in January, according to Bloomberg calculations based on Finance Ministry data. The discounted rate on some Eastern Siberian and Caspian Sea oil may fall to $191.20 a ton from $194.10.

Russia bases the export duties on the average Urals crude price from the 15th day of one month to the 14th of the next. Urals, Russia’s benchmark export blend, averaged $108.23 a barrel during the most recent period, Alexander Sakovich, a Finance Ministry adviser, said by phone today. Urals averaged $109.09 in the previous period, according to the ministry.

Prime Minister Vladimir Putin must sign off on the duties before they take effect. The government lowered the crude tax rate in October, applying a coefficient of 60 percent, down from 65 percent, and unifying the duty on most refined products at 66 percent of that levy.

The duty for middle distillates and heavy products may fall to $259.80 a ton next month, from $262.30 in January.

A gasoline tax that Putin imposed in May to counter domestic shortages is expected to drop to $354.30 a ton from $357.70 this month. That is 90 percent of the crude oil duty. The government may set the duty on liquefied petroleum gases, such as butane and propane, at $181.70 a ton, down from $201.

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

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.