Sunday, December 30, 2007

Oil: Russia to raise oil export duties

Xinhua has reported that Russia is to raise oil export duties by 58.4 U.S. dollars to 333.8 U.S. dollars per ton from Feb. 1 in line with global market trends, RIA news agency reported on Saturday citing a senior Finance Ministry official.

"We are reaching an all time record for oil duty on exports, equal to 333.8 dollars per ton on February 1," said Alexander Sakovich, deputy head of the ministry's customs department.

Russia adjusts export duty on crude and petroleum products every two months, depending on changes in the Urals blend price on world markets