Export duty to be reduced in Russia

Russia's oil export duty is expected to fall from $143.1 to $133.1 per tonne in August due to lower oil prices, Russian Minister for Finances Alexander Sakovich said.

The rate is based on price monitoring of seaborne Urals crude oil prices from June 15 through July 14. The average Urals price for the latest period was $58.92 per barrel or $430.1 per tonne.

The discounted rate would most likely be set at zero. As well as an export duty on liquefied petroleum gas. An export duty on heavy oil will be reduced to $17 from $18.3 per ton from August 1st.