Reuters: MET on Russian oil fell by 15.9% in December
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The mineral extraction tax (MET) in Russia for crude oil in December 2022 decreased by 15.9% compared to the values in November. In monetary terms, the difference amounted to 2,765 rubles. per ton, follows from the calculations of Reuters. According to the agency, this is due to the fall in the value of Urals oil quotes and the change in the dollar against the ruble.
The Kp coefficient, which characterizes the dynamics of world oil prices, was fixed at 8.8130 in December against the backdrop of changes in quotations for Russian Urals oil and the average US dollar exchange rate. At the end of December, the dollar exchange rate was 65.4 rubles/$, Urals oil was trading at $50.15 per barrel.
The base oil MET, excluding benefits, for December amounted to 14,624 rubles. per ton (in November – 17,389 rubles per ton). The decrease in the oil MET also occurred as a result of the fall in the average quotation of Russian oil Urals in December by $16.5 per barrel (-24.8%) relative to November.
Reuters notes that payments to the Russian budget under the severance tax for oil production in December may amount to about 0.41 trillion rubles. against 0.48 trillion rubles. for November.
The average MET rate for oil, according to the Russian budget plan for 2022, was supposed to be 18.219 rubles. per ton. Tax receipts to the federal budget, minus the amount of benefits, were expected in the amount of 7.5 trillion rubles, or about 625 billion rubles. per month.
According to Kommersant, the Russian oil industry increased production by 2% in 2022, to almost 535 million tons. Over the 12 months of last year, oil exports to non-CIS countries via pipelines and the sea increased by almost 19%, to 207 million tons. At the same time, from December 5, the EU and the US introduced a ceiling on Russian oil prices of $60 per barrel, which, according to Russian Deputy Prime Minister Alexander Novak, could lead to a decrease in oil production in 2023 by 7-8%.
More details – in the material “Kommersant” “How did we get to this point”.
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