Government to Cut Oil Duties by 15%

The government will cut its tax on crude oil exports by 15 percent to $100.90 per ton ($13.76 per barrel) on Feb. 1, the Finance Ministry said Thursday, following a decline in the price of the commodity.

Export duties will be $80.30 per ton for light oil products and $43.20 per ton for heavy products, said Alexander Sakovich, a Finance Ministry official.

The government has begun recalculating export duties each month, basing them on the average oil prices from Dec. 15 to Jan. 14.

The news comes after the government cut its average oil forecast for this year to $40 per barrel from $50, Vedomosti reported Thursday, citing government officials. An economic forecast based on the revised price was approved at a government meeting Wednesday, the source said.