Oil export duty may top $220 per metric ton from Aug.1

A senior Russian finance official said Monday export duty for oil could be raised by $20 from August 1 to reach about $223-224 per metric ton in view of the growing Urals price, RIA Novosti reports. The Russian government revises oil export duty every two months depending on fluctuation in the price for Urals crude on global markets. Alexander Sakovich, deputy chief of customs tariffs in the Finance Ministry, said the average price of oil in May-June was expected to be $66 per barrel. "The oil price is unlikely to fall below $62 per barrel, and therefore the duty will obviously exceed $220 per metric ton," Sakovich said.

This year's federal budget was originally based on the oil price of $61 per barrel. But the first two months saw a drop in the price, and the forecast was adjusted downward to $55 per barrel.