Russia will cut crude oil export duties by 10 per cent from February following a decline in global oil prices which will likely make February crude exports more profitable than operations with refined products.

A Finance Ministry official said the duty on exports of crude oil will decline to $160.8 per tonne from the current $179.6. Russia changes export duties every two months based on global prices.
Alexander Sakovich, who is responsible for monitoring prices and setting duties at the Finance Ministry, said export duties on refined products will also decline but they will come into force, as is traditional, one month later than crude oil duties.
"This may encourage producers to reduce crude exports in January and boost them in February to take advantage of the lower duty," he said.
"As for refined products, February won't be a very positive month for exports," he added.
February will not be the first time when the monthly gap between the introduction of crude oil and refined products duties will prioritise exports of some fuels over the others.
Customs conditions for products exports were extremely favourable in October this year as higher duties on refined products were introduced one month later than on crude oil.
Sakovich said duties on light refined products, such as gasoline and gasoil, would be cut to $120.6 per tonne from the current $133.5 from the end of February or beginning of March.
Duties on heavy fuel oil will fall to $65 per tonne from the current $71.9.