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Oil Export Duty Reduced
The export duty on oil was reduced on April 1, 2007, from $179.70 to $156.40 per ton. The reduction is related to a reduction in the average price of Russian oil on European markets in the first two months of the year to $51.80 per barrel. The Russian government reexamines the duty every two months in light of prices for Russian Urals oil on world crude markets (the Mediterranean and Rotterdam markets). The duty hit a high of $237.60 per ton in October and November 2006, and has been falling since then.
A corrected prognosis by the Ministry of Economic Development and Trade forecasts prices of $53 per barrel of Urals in 2008, $52 in 2009 and $50 in 2010. This year's federal budget is calculated around an average price of $61 per barrel of oil, but the Finance Ministry is already saying that that figure will probably turn out to be $55. In material posted on its website Friday, the Finance Ministry noted that only 1.003 trillion rubles in duties will be collected this year, while the budget foresaw 1.266 trillion, a difference of $10 billion. In all, falling oil prices are expected to cause a shortfall of 433 billion rubles.
Political factors may still intercede in these calculation, however. World oil prices hit a half-year high on Friday amid concern over the escalating crisis in Iran and the possibility of oil delivery interruptions if military action is undertaken. Brent oil rose to $68-69 per barrel.
www.kommersant.com
All the Article in Russian as of Apr. 02, 2007
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