Russian Oil Export Duty Cuts in the Pipeline

Russia may lower its export duty on most shipments of crude oil by 4.1 per cent come July 1 after oil prices fell.

It would be the first decrease since October, and standard duty is likely to drop to between $443.20 and $445.30 a metric ton ($60.46-$60.75 a barrel), according to Bloomberg calculations based on data from Finance Ministry.

That compares with $462.10 a ton in June, the highest level since a record $495.90 a ton in August and September 2008.

Brent and Urals, Russia's benchmark export blend, have fallen in the past month on speculation that fuel demand may slow as the economy picks up.