The government may cut its crude oil export duty by as much as 1.8 percent to $266 to $268 a metric ton starting Jan. 1, after oil prices declined.

Russia sets the duty by using the average Urals price from the 15th day of each month to the 14th day of the next. Urals may average from $74.93 to $75.31 a barrel during the monitoring period that ends this week, said Alexander Sakovich, a senior Finance Ministry official.

(Bloomberg)