Oil Report

Russia may set Feb oil export duty at around $100/T

MOSCOW, Jan 12 (Reuters) - Russia may cut its oil export duty to around $100 per tonne from Feb. 1 to account for lower oil prices, a senior Finance Ministry official told Reuters on Monday.

Alexander Sakovich, deputy head of the ministry's customs monitoring department, told Reuters the February export duty was calculated based on the average price for Russia's benchmark Urals crude blend URL-EURL-NWE-E of $39.8 per barrel since the monitoring started on Dec. 15.

“If the oil price will not rise above $67.5 per barrel in the next three days, the duty will most likely be cut. It will be close to $100,” he said.

The oil export duty was set at $119.1 per barrel in January. (Reporting by Katya Golubkova, writing by Tanya Mosolova)