Russia to increase export duty on oil by $10

Russia to increase export duty on oil by $10

According to the Russian Finance Ministry estimates, export duty on oil in Russia will increase by $10.4 dollars and will reach $89.5 per tonne from February 1, 2017.

Currently, the export duty on crude oil totals $79.1 per tonne. The average price of Urals oil for the monitoring period from December 15 to January 14, 2017, amounted to $52.53 per barrel, or $383.5 per tonne, TASS reports.

According to the Finance Ministry, duty on high-viscosity oil will rise to $13.9 from $12. Preferential duty rate on oil for a number of fields in East Siberia, Caspian fields and Prirazlomnoye field due to the new calculation formula adopted in the framework of the tax maneuver in the oil industry, from February 1, 2015, will remain at zero.

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