The Ministry of Finance announced a reduction in the oil export duty to $24.7 per ton
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The oil export duty will decrease by $1.5 to $24.7 per ton from December 1, reported The Russian Ministry of Finance on its website.
The ministry explained that the average price of Urals oil in the period from October 15 to November 14 was $79.23 per barrel, or $578.4 per ton. The price of North Sea Dated oil (analogous to Brent) for the same period is $88.62 per barrel.
“According to calculations by the Russian Ministry of Finance, the export duty on oil in the Russian Federation from December 1, 2023 will decrease by $1.5 and amount to $24.7 per ton,” the message says.
The duty on light petroleum products and oils will drop to $7.4 per ton, and on dark petroleum products – to $24.7. The export duty on commercial gasoline will be $7.4, and straight-run gasoline – $13.5 per ton.
How reported Previously, the International Energy Agency (IEA), maritime exports of petroleum products from Russia in October decreased by about 200,000 barrels per day compared to September and amounted to 2.5 million barrels per day amid a partial ban on fuel exports. At the same time, the daily volume of seaborne oil exports increased by 110,000 barrels. compared to the previous month and reached 5.04 million barrels.
This made it possible to compensate for the fall in export prices and increase Russia’s revenues from oil supplies by sea by $280 million by September. Russia’s total revenues from oil exports, according to the IEA, in October amounted to $12.67 billion. Revenues from the export of petroleum products in October decreased by $690 million compared to the previous month and amounted to $5.67 billion.
The accumulated deficit of the Russian federal budget in January–October amounted to 1.2 trillion rubles. (0.7% of the country’s GDP), reported formerly the Ministry of Finance. Treasury revenues for 10 months exceeded 23 trillion rubles, showing an increase of 4.4% in annual terms. Expenses increased by 11.7% to RUB 24.3 trillion. The budget surplus in October amounted to 464 billion rubles. In September, revenues exceeded expenses by 429 billion rubles, in August – by 455 billion.
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