According to a report by the US Bloomberg News on May 4, due to rising oil prices in March and April, Russia will increase its oil export tax by 17% on June 1 to a record high.
Alexander Sarkovic, head of the customs and taxation department of the Russian Ministry of Finance, told reporters from Bloomberg News in Moscow today that the new oil export tax in Russia will increase to US$ 398.1 per ton from June 1. This will be Russia’s seventh consecutive increase in oil export taxes.
Russia's current oil export tax is 340.1 US dollars per ton or 46.40 US dollars per barrel.
Russia adjusts its oil export tax every two months based on the average price of the Ural crude oil of the country’s benchmark export crude oil on the international market in the first two months. Sakovic said that the average price of Russian Ural crude oil in the international market in March and April was 102.76 US dollars per barrel. This price has increased by 68% over the same period of last year.
A salesman at UBS AG in Moscow said that the Russian government has indulged in high oil revenues. Russia must cut off this idea of ​​collecting money from high oil prices and encourage its oil production companies to use oil revenues to invest in the development of new oil and gas fields.
As oil production companies have been fighting against issues such as increased costs, aging oil fields, and the increasingly remote nature of new oil and gas fields, the daily output of oil in April has fallen to the lowest level (9.22 million barrels/day) of Russian oil production in the past 18 months. There may be a first decline in 10 years in 2008.
It is reported that the Russian government is now considering cutting taxes to stimulate investment.
Alexander Sarkovic, head of the customs and taxation department of the Russian Ministry of Finance, told reporters from Bloomberg News in Moscow today that the new oil export tax in Russia will increase to US$ 398.1 per ton from June 1. This will be Russia’s seventh consecutive increase in oil export taxes.
Russia's current oil export tax is 340.1 US dollars per ton or 46.40 US dollars per barrel.
Russia adjusts its oil export tax every two months based on the average price of the Ural crude oil of the country’s benchmark export crude oil on the international market in the first two months. Sakovic said that the average price of Russian Ural crude oil in the international market in March and April was 102.76 US dollars per barrel. This price has increased by 68% over the same period of last year.
A salesman at UBS AG in Moscow said that the Russian government has indulged in high oil revenues. Russia must cut off this idea of ​​collecting money from high oil prices and encourage its oil production companies to use oil revenues to invest in the development of new oil and gas fields.
As oil production companies have been fighting against issues such as increased costs, aging oil fields, and the increasingly remote nature of new oil and gas fields, the daily output of oil in April has fallen to the lowest level (9.22 million barrels/day) of Russian oil production in the past 18 months. There may be a first decline in 10 years in 2008.
It is reported that the Russian government is now considering cutting taxes to stimulate investment.