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Russian November oil export duty to rebound from 10 year low

Russia’s oil export duty is expected to rise 6 percent month on month to USD 97.1 per tonne in November, rebounding from a more than 10-year low hit last month due to stronger oil prices, calculations by the Finance Ministry and Reuters showed.



The new rate is based on price monitoring of seaborne Urals URL-E URL-NWE-E crude oil prices from Sept. 15 through Oct. 14. The oil export duty stands at USD 91.50 per tonne in October.



Mr Alexander Sakovich, an official at the Finance Ministry, said that the average Urals price for the latest period was USD 47.18 per barrel, up from USD 45.32 in the previous period. The discounted rate would most likely be set at zero.

Source : REUTERS

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