Tuesday, March 10, 2009

The government once again will reduce export duties on oil.

Since April 12, the rate of export duty on oil will be reduced to 108-112 dollars per tonne from 115.3 dollars per ton. That was reported by RIA Novosti, citing the deputy head of department of customs payments Finance Alexander Sakovich.
Recall that from March 1, the export duty on Russian oil was increased from 100.9 to 115.3 dollars per ton. This was the first time in the last four months, raising the oil tax rate which is calculated based on average oil prices mark Urals.
At 1 January 2009 rate of duty on oil exports stood at 119.1 dollars per ton, and 1 February, it was lowered to 100.9 dollars.
Export duties the last six months, declined because of falling oil prices on the world market. The maximum rate was recorded in August 2008 - 495 dollars per tonne. Then the Russian oil industry has repeatedly asked officials to lower rates on export of hydrocarbons, as well as in a sharp drop in oil prices, rate of "fail" to decline following the market. As a result of the fall of 2008 to export oil from Russia, for many companies is simply inefficient. Interestingly, in the first half of 2008, the fee increase does not keep pace with rising prices in the market, so the oil industry were more profitable.
Now the price of Urals brand oil stabilized at 41.54 - 42.54 dollars per barrel.
In the Ministry believes that of state oil and low-fee permit by 2013 to increase oil production in Russia up to 511 million tons. In 2008, oil production in the country declined by 0.7 percent over the previous year and amounted to little more than 488 million tons.

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