Russia slashes seaborne exports to lowest levels this year
Russia is slashing seaborne oil exports in August to their lowest levels this year, as producers look to keep more barrels at home to avoid a hike in export taxes that takes effect next month.
Russia may raise oil export duty on its benchmark Urals blend by $40 from December 1 to $271-273 per metric ton from the current $231.2 per ton, a Finance Ministry official said on Wednesday.Alexander Sakovich, head of the ministry's consolidated analysis department, said the average price of Russian oil was $76.08 per barrel from October 15 to November 10.