Figures for Russian pipeline crude exports in January-June highlight the impact of tax changes introduced at the start of this year. Exports hit 4.2mn b/d (104.5mn t), up by 9.8pc on the same period last year and by 14.4pc on July-December. This is the first six-month rise since 2012, when the BPS-2 pipeline to Ust-Luga was launched. The growth reflects this year’s “tax manoeuvre” that cut crude export duty and hiked the levy on dirty products. The changes undermined the economics of refining in Russia, making crude exports more attractive, despite lower global crude prices.
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