Russia raises oil export duty to $200.6 per ton from June 1 -1

Russian Prime Minister Mikhail Fradkov signed a directive raising the export duty on crude oil to $200.6 per metric ton starting June 1, 2007, the government press service said Thursday according to RIA Novosti. The export duty is adjusted every two months and is based on Russian Urals oil blend prices on world markets. The duty is to be raised for the first time in six months. On April 1, the export duty was cut by $23.3 to $156.4 per metric ton, reflecting a decline in oil prices that began late last year and continued into 2007. The same directive sets the new export duty for light oil products at $147.5 per ton, and for dark oil products at $79.4 per ton.

Russia's Finance Ministry earlier said the oil price forecast for 2007 had been reduced from $61 to $55 per barrel, and that the forecasts would also be reduced from $56 to $53 per barrel in 2008, and from $52 to $50 in 2009.