Dec. 17 (Bloomberg) -- Russia, the world’s biggest energy exporter, will probably reduce duties on most oil shipments abroad by 0.2 percent from Jan. 1 after Urals crude prices fell.
The standard export duty is set to decline to $395.60 a metric ton, or about $53.97 a barrel, from $396.50 a ton this month, according to Bloomberg calculations based on oil price data from the Finance Ministry.
The government is reviewing the export duty structure and may propose changes by the end of the first quarter of 2013 to stimulate output and help producers meet President Vladimir Putin’s output goal of more than 10 million barrels a day. Production climbed to a post-Soviet high of 10.5 million barrels a day in November, according to preliminary data from the Energy Ministry’s CDU-TEK unit. Oil and gas provide about half of Russia’s budget revenue.
The discounted rate on some eastern Siberian and Caspian Sea grades may fall to $192.70 a ton from $193.30 this month. The levy on extra-heavy crude, set at 10 percent of the standard duty, would be $39.50 in January.
Russia bases the export taxes on the average Urals blend price from the 15th day of one month to the 14th of the next. The benchmark export grade averaged $108.66 a barrel during the most recent period, Alexander Sakovich, a Finance Ministry adviser, said today by phone. In the previous monitoring period, it averaged $108.87, according to the ministry.
Prime Minister Dmitry Medvedev must sign off on the levies before they take effect.
The duty for middle distillates, such as diesel, and heavy products, such as fuel oil, may drop to $261.10 a ton from $261.70. A gasoline tax, set at 90 percent of the crude oil duty since May 2011 to counter domestic shortages, may decline to $356 a ton in January from $356.80 this month.
The government may raise the duty on liquefied petroleum gases such as butane and propane to $198.70 a ton from $197.40.
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