CGES: Russia grappling with faulty oil export tax system

12/08/2008
Russian producers and the government have been hit hard by a crude export tax system that has proven incapable of coping with the rapid drop in oil prices that started in early July.Since October, the government has been forced to make unscheduled reductions in the export tax rate, twice cutting tax rates for November and December. “Had they not done so, oil producers in the country during October would have received just $1.43/bbl on average to cover production and transportation costs and pay mineral extraction taxes,” said analysts at the Centre for Global Energy Studies in London.“In November the situation would have been even worse, with the formula derived export t...
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