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URGENT: Russia to cut oil export duty to $108 from April 1 - ministry


MOSCOW, March 10 (RIA Novosti) - Russia will cut its oil export duty from the current $115 to $108-$112 per metric ton from April 1, a Finance Ministry official said on Tuesday.

"The average Urals blend price in the monitoring period from February 15 to March 9 was $41.92 per barrel," Alexander Sakovich said. "Considering the current [market] trends, the average price this month is expected be $41.54-$42.54 per barrel, and in this case export duty will be set at $108-$112 from April 1," he said.

The ministry switched from December 1 to setting export duties on oil and derivatives on a monthly basis to respond more swiftly to changes in world oil prices against the backdrop of the global financial crisis.

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