Crude gets no kicks from 60:66

摘要

A new Russian duty system is making crude exports more profitable, and fuel oil shipments less so, since it started on 1 October. But there is unlikely to be a big shift in oil flows at current prices under the new “60:66” tariff system. Crude duty is now set at $29.20/t ($4/bl) plus 60pc of the difference between $25/bl and the average price for Russian medium sour Urals over a monitoring period. This boosts crude export revenues by $4.00-4.50/bl if Urals prices remain at $105-115/bl in the Rotterdam and western Mediterranean markets.