The Ministry of Finance announced an increase in the export duty on oil to $23.9 per ton

The oil export duty will increase by $2.5 from October 1 to $23.9 per ton, should from a message from the Ministry of Finance.

“According to calculations by the Russian Ministry of Finance, the export duty on oil in the Russian Federation from October 1, 2023 will increase by $2.5 and amount to $23.9 per ton,” the message says. Currently the duty is at $21.4.

According to the ministry, from August 15 to September 14, the average price of Urals oil reached $77.03 per barrel. ($562.3 per ton), and the price of North Sea Dated oil is $88.61.

The duty on light petroleum products and oils will increase to $7.1 per ton.

August 28 Vedomosti wrotethat energy exporters may, for the first time in a long time, again encounter “Kudrin’s scissors” – a fiscal “trick” that arises due to the time gap between the moment of actual payment of taxes and the period of their accrual. Due to the gap between the receipt of revenue, the accrual and payment of taxes, they will have to sell more currency, experts say.

In August, Russia’s revenues from the export of oil and petroleum products reached $17.1 billion for the first time since October 2022. calculated International Energy Agency. This came as total supply volumes fell by 150,000 bbl/d to 7.2 million bbl/d compared to July, but a 14% rise in the weighted average price supported the country’s revenues. The weighted average export price of Russian Urals oil in August 2023 increased by $9.3 compared to July this year to $73.71 per barrel, and in the first week of September it exceeded $75 per barrel.