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Increasing oil export duty from Russia necessary measure – expert

Increasing oil export duty from Russia necessary measure – expert Energy

By Anakhanum Khidayatova – Trend:

Increase of export duty on oil from Russia is a forced measure explained by prolonged sanctions of the West against the Russian Federation, a consultant for the Expert Council of the Union of Russian Oil and Gas Producers Eldar Kasaev told Trend March 18.

The duty on oil export from Russia will increase by $15.4 to $54.9 per ton starting from April 1 (compared to $39.5 per ton in March), according to the ministry of finance of Russia. The average price for Urals crude oil for the monitoring period from February 15 to March 14, 2016 amounted to $33.38643 per barrel, or $243.7 per ton, according to the ministry.

“Such a measure has been adopted in a situation when prolonged Western sanctions urge the government to make decisive, often uncompromising steps,” said Kasaev.

He went on to add that this doesn’t always satisfy business, but officials try to meet oil workers halfway, if possible.

“For example, in accordance with the new formula, preferential rate of duty on crude oil from East Siberia, Caspian fields, Prirazlomnoye oil field will remain at zero level (as it is now) if the average price for raw materials is lower than $65 per barrel,” said the expert. “It should be recalled that the export duty has been gradually reducing since March 2015.”

Today, oil producing countries have to cut investment programs and maintain only the most profitable projects, said Kasaev, adding that states are not to blame for all the problems in this sector.

The expert noted that the prices for motor gasoline will also rise in 2016, since the excise duty on gasoline will again increase from April 1.

The government has adopted this decision based on the required budget policy, according to Kasaev.

Moreover, Russia’s multi-year tax maneuver in oil industry, leads to higher fuel prices at the country’s gas filling stations, he added.

The export duty on high-viscosity oil will rise from $4.2 per ton in March to $6.2 per ton in April, according to Russia’s Finance Ministry.

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