OREANDA-NEWS. November 24, 2008. The State Duma approved immediately in three readings a law cutting crude export duties to USD 192 a barrel as early as December 2008, which will make life easier for oil producers that have sustained losses amid a downtrend on the energy market.

Amendments to the Federal Law “On the Customs Tariff” will reduce the period of monitoring average market oil prices that is used in determining duty for oil exporters from two to one month and will limit the term of a duty to one month. “Taking into account the ongoing slump in crude oil prices for the purpose of…stabilizing the economic environment in the country the draft law … calls for reducing the monitoring period, which is to be set starting on the 15th day of each calendar month until the 14th day of the next calendar month inclusive, effective October 15, 2008” – a note to the draft law said. Earlier, the finance ministry said Russia’s December oil export duty, according to the new scheme, would most likely be USD 192.10 per ton or approximately 33% below the current rate.