Russia's oil export duty to rise by 25%

Russia's export duty on oil will rise by $4.5 to $21.4 per tonne beginning on September 1, 2023, according to the Russian Finance Ministry.

The government plans to increase the oil export duty next month, up by a quarter from August ($16.9), the Russian Finance Ministry said in a statement Tuesday. That equates to around $2.92 a barrel.

The country’s flagship Urals blend averaged $70.33 a barrel in the monitoring period from July 15 to August 14, according to the Finance Ministry.