Russia Cuts Oil-Export Duty for First Time Since July on Prices
- Finance Ministry sets the levy at $24.7 a ton for December
- Oil proceeds are key source of revenue for Russian budget
Russia will cut the export levy on crude its producers pay for the first time since July following a drop in global oil prices.
The government will lower the duty to $24.7 a ton next month as the price of the country’s key export blend Urals declined, the Finance Ministry said Wednesday. That’s down by 5.7% from November and equates to about $3.37 a barrel.