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Russia frantically trying to seize the initiative from Saudi Arabia and reduces oil duties

The export duty on oil in the Russian Federation will decrease significantly from April 1, 2020

Russia frantically trying to seize the initiative from Saudi Arabia and reduces oil duties

As part of the ongoing confrontation between the OPEC countries and Russia, the authorities of the latter decided in April to reduce duties on the export of oil and oil products.

So, the export duty on oil in the Russian Federation from April 1, 2020, will be 52 dollars per ton, according to the materials on the website of the Ministry of Finance of the Russian Federation.

Currently, it is 66.9 dollars per ton. Thus, the fee will drop by $14.9.

The average price of Urals oil for the monitoring period from February 15 to March 14 was $47.274 per barrel or $345.1 per ton.

The duty for high viscosity oil will drop to $5.2 from 6.6.

In connection with the new calculation formula adopted in the framework of the tax maneuver in the oil industry, from February 1, 2015, the preferential oil duty rate for a number of fields in East Siberia, the Caspian fields and the Prirazlomnoye field remains at zero levels.

The duty on light petroleum products and oils will drop to $15.6 from $20 per ton, and on dark — to $52 from $66.9.

The duty on the export of commercial gasoline will drop to $15.6 from $20, straight-run (naphtha) — to $28.6 from $36.7 per ton. The duty on liquefied gas will remain at zero levels.

Coke duty will drop to $3.3 from $4.3 per ton.

Earlier, we wrote that the news about the coronavirus epidemic COVID-19 negatively affected forecasts of global economic growth and oil demand in 2020, especially in the first and second quarters.

To neutralize the harmful effects of the epidemic, OPEC ministers proposed that Russia temporarily limit oil production in order to maintain acceptable prices for black gold. However, the Russian authorities did not agree with this proposal, demanding restrictions on hydrocarbon production also in the United States.

The collapse of oil prices, Russia wants to destroy the production of shale oil in the United States.

In response to the oil conflict, the United States imposed sanctions on another Rosneft subsidiary. In the States, they said they were unhappy that the company provided support in the processing and sale of Venezuelan oil.

In addition, after a massive decline in black gold prices, which occurred due to the conflict between Russia and Saudi Arabia, it became known that Belarus could receive American oil in the shortest possible time.

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