Russia's Urals blend oil average price $73.78 /bbl in September
( RIA Novosti ) - The average price of Russia's Urals blend oil, a benchmark for the national budget, was $73.78 per barrel in September, a 25% rise year-on-year, a Russian Finance Ministry spokesman said Monday.
"Accordingly, the oil price in September was almost $15 higher than in September 2006," said Alexander Sakovich, a senior tax and duty officer at the ministry.
He added that the average price in January-August was $0.5 lower than in the same period last year.
"Owing to unprecedented oil prices in September the trend has changed and the average price in January-September was more than a dollar higher than in the same period last year," Sakovich said.
The oil price in January-September was $63.93 per barrel, against $62.73 in the first nine months of 2006.
According to the 2006 budget performance report, budget revenues from oil export duty were 1.202 trillion rubles ($48 billion) with an average oil price of $61.1 per barrel in 2006.
This year export duty revenues were 1.266 trillion rubles ($51 billion) for an average Ural price fixed at $61 per barrel. But the Ministry of Economic Development and Trade has adjusted its average price forecast to $65.5 per barrel.
The 2007 budget will undergo a final review in October-November, including export duty revenues.
The Russian government adjusts export duty on crude and petroleum products every two months, depending on changes on global markets for Urals blend price.
October 1 sees a $26.4 rise in duty on Russian oil exports to a record $250.3 per metric ton. This is a 12 % increase from the previous duty of $223.9 per ton as of August 1. Last year's highest oil duty level was $237.6 per metric ton.
Duty on the export of light petroleum products is fixed at $181.0 per ton as of October 1 against the previous $163.2, while duty on heavy petroleum products rises to $97.5 per ton from the previous $87.9.