Support The Moscow Times!

Oil Duty Soars on Middle Eastern Instability

Russia's oil export duty in April will rise 16 percent to $423.70 a ton, a new 2 1/2-year high, as crude prices surge because of conflict in the Arab world, according to Finance Ministry figures and Reuters calculations.

The crude oil duty stands at $365 per ton in March.

The final oil export duty for April is based on the seaborne Urals URL-E price from Feb. 15 to March 14 inclusive.

Finance Ministry official Alexander Sakovich said Tuesday that the average price for that period was $108.16 per barrel, up from $95.79 in the previous time frame. Urals is now trading at $109 per barrel.

An export duty of $423.70 per ton would be the duty's second-highest level since it reached a record $495.90 in August and September 2008, when oil prices surged to almost $150 per barrel.

The export duty on crude from new fields in East Siberia and the Caspian Sea, which enjoy a lower rate than Russian crude from other production areas, will rise to $191 ton, up from $150.40 in March.

The government plans to annul the lower export fee for the fields starting from May.

Read more

We need your help now more than ever.

Independent media outlets and journalists in Russia are being increasingly targeted with “foreign agent” and “undesirable” labels, threatening the existence of the free press day by day.

Your donation to The Moscow Times directly supports the last independent English-language news source within Russia.