Russia to raise oil export duty 

Russia could raise its oil export duty by $25 to between $248 and $250 per tonne starting October 1, 2007, Alexander Sakovich, deputy head of the Finance Ministry’s Customs Department, told RBC.
The current oil export duty of $223.9 was set by a government decree on August 1. In June and July, the export duty was $200.6 per tonne.

Sakovich said Russia’s oil export duty could rise to its all-time high in 2007, beating the previous record of $237.6 per tonne, which was registered on October 1, 2006.
At that time, the average price of Urals oil was $68.93 per barrel, while the current levels are averaging $71.5 per barrel.

The oil export duty to be applied from October 1 to December 1, 2007, will be established on September 3, according to Sakovich.

“For the new record not to be set, the price of oil has to drop below $40 per barrel over the next few days, which is unlikely,” he noted.
From January to November 2006 the average export oil duty was $198.3 per tonne, against $200 during the same period in 2007.