Russia Set to Cut August Export Duty on Crude By 2% to $59.98/B

Russia is likely to reduce the export duty for its main oil export blend, Urals, and other blends -- except those that enjoy more favorable tax treatment -- to between $435.30-437.90/mt ($59.63-59.98/barrel) from August 1, assuming the government maintains the current tax regime for the industry intact for the next month.

The decrease of around 2% from July's $445.10/mt ($60.97/b) is to reflect a recent cut in the Urals crude price in international markets, finance ministry data obtained by Platts showed.

If the Russian government approves planned changes to the oil industry taxation by the end of the month, the export duty for Urals could drop by around 9% to $404.00-406.40/mt.