SG:Russia may lower oil export duty as much as 6pct in June
Bloomberg reported that Russia, the world biggest oil producer may reduce its export duty on most crude shipments by as much as 6.5% from June 1 on lower Urals prices.
According to Bloomberg calculations based on Finance Ministry data the standard duty may decline to USD 419.30 to USD 420.20 per tonne or USD 57.20 to USD 57.33 a barrel. That compares with USD 448.60 a ton in May.
The discounted rate on some eastern Siberian and Caspian Sea oil may fall in June to within a range of USD 210.50 to USD 211.10 a ton compared with USD 232.40 this month.
Mr Alexander Sakovich a Finance Ministry adviser said 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 benchmark export blend, may average USD 114.08 to USD 114.28 a barrel during this period.
According to the ministry in the previous monitoring period, the crude price averaged USD 120.76.
The duty for middle distillates and heavy products may drop to within a range from USD 276.70 to USD 277.30 a ton next month from USD 296 in May.
