Special Report: Change in Russian export duties unlikely to affect margins

Falling crude prices could upset the symmetry between duties on crude and products in Russia, potentially changing the incentives and actions of refiners there, according to a recent Refinery Evaluation Model Insight from Wood Mackenzie.For a long time, Russia used an oil export duty to provide an incentive for domestic refiners to run crude, upgrade facilities, make products, and protect employment. This strategy enjoyed much success in the past, with Russia setting the duty level accordingly to encourage these behaviors.Wood Mackenzie’s report, entitled “How will lower oil prices affect Russian refiners?”, examines the role of the export duty regime and implications of...

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