Russia Increases Oil Export Duty by 9.8% to $32.6 per bbl.

The Russian government announced that its oil export duty would be increased from Oct. 1 in line with the growth in global oil prices. The new duty is based on 2-month average Urals price of $68.9 per barrel. Vladimir Nesterenko: The increase in the import duty will result in a one-off increase of about 2.5-3% in domestic oil products prices. However, in the 3-month perspective, seasonally lower consumption will put downward pressure on prices, offsetting the duty-driven increase.