Russia increased oil export duty

​The Government of Russia has decided to increase the oil export duty by 39% from April 2016.

Now it will make up $54.9 though in February it didn’t exceed $39.5. The Ministry of Finance says that the duties start to rise for the first time since the end of autumn 2015. Experts of the agency add that in February and March 2016 the average Urals price was $33.38/barrel. The agency says that all new deposits that will be developed by oil companies will not pay the export duty within a certain period of time.

It will allow the companies to increase the extraction volumes and export them. This order refers to oil deposits in the Eastern Siberian and the Caspian. LNG export duty hasn’t been corrected. In October 2015 the Government didn’t plan to correct the export duty until the end of 2016.