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According to the Russian Ministry of Finance website on the 15th, based on the established tariff calculation procedure, starting from January 1, 2024, the Russian export duty on oil will be reduced from the current 24.7 USD/ton to 0.0 USD/ton.
At the same time, export duties on light oil, dark oil and products, gasoline, straight-run gasoline (naphtha), and petroleum coke will also be reduced to zero. The export duty on liquefied natural gas will be adjusted to $1.6, and the export duty on pure distillate of liquefied petroleum gas will be adjusted to $1.4, and more info. of the graphitized petroleum coke market.
The announcement also pointed out that during the monitoring period from November 15 to December 14, 2023, the average price of Urals crude oil was 66.12 USD/barrel or 482.7 USD/ton. The spot price of Brent crude oil averaged 78.89 USD/barrel.
Throughout this year, Russia has adjusted its oil export duties several times. On August 1, Russia announced an 8.3% increase in oil export duties to 16.9 USD/ton. In September, oil export duties increased by 26.6% to 21.4 USD/ton. In October, duties rose by 12% to 23.9 USD/ton. In November, export duties on crude oil and fuel oil increased by 9.6% to 26.2 USD/ton.
In the first half of 2023, most of China's imported crude oil came from Russia, Iran, Brazil, and the United States. Compared to the average level in 2022, China's imports from Russia increased by 23% (400,000 barrel-day), from Saudi Arabia increased by 7% (130,000 barrel-day), and from Brazil increased by 49% (250,000 barrel-day). In June of this year, China imported 2.6 million barrel-day of crude oil from Russia, the largest quantity from any country. In the first half of 2023, China's imports from the United States more than doubled compared to 2022. Contact us to learn about the latest carbon market news.
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