Russian Oil Export Tariffs Drop By Third In February 2016

Russian oil export duties for February dropped by USD 21.3 from USD 73.3 per tonne in January, the country’s Ministry of Economic Development said.

The current oil export tariff stands at USD 52 per tonne of oil.

Export duty rate for oil from Eastern Siberian, Caspian and the Arctic Prirazlomnoye oilfields was set at zero in February 2015. This rate will stay in place if the average oil price does not exceed USD 65 per tonne.

Oil prices remained below USD 60 throughout 2015, with Saudi-led Organization of the Petroleum Exporting Countries (OPEC) maintaining high production rates.

Market prices for crude benchmarks dropped to a 12-year low in mid-January 2016, sliding below the historic level of USD 30 a barrel before starting to recover after January 20. (PNA/Sputnik) JSV/SSC