MOSCOW, March 27 (RIA Novosti) - The Russian
government issued a resolution on Friday cutting the oil export
duty from $115 to $110 per metric ton from April 1.
As of April 1, the duty on light petroleum products will
drop to $86.4 per metric ton from the current $90 per ton and
on heavy petroleum products to $46.5 per metric ton from $48.5
per ton.
Last year, the government abandoned its previously
accepted bimonthly adjustments of export duties based on the
price of the Urals blend on global oil markets and from
December 1 switched to setting duties for oil and oil products
on a monthly basis to respond more swiftly to changes in world
oil prices.
The global financial crisis has forced Russia, which
receives a large part of its revenues from oil exports, to
gradually devalue the ruble amid capital flight and a fall in
global oil prices, which declined from their peak of $147 per
barrel in July 2008 to around $40 per barrel, rising in recent
weeks to $50.
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