Russia to decrease its export tax on oil products

Sep 23 • Business, Economy, News • 525 Views • No Comments on Russia to decrease its export tax on oil products

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It has been two months since decrease of crude oil in the world market. Crude oil price decreased from 147 US$ per barrel to 90 US$. It affects income of oil exporting countries. Therefore OPEC made decision to decrease its production. But it doesn’t take effect on the crude oil price. This current issue is affecting Russian oil producing companies and their stock prices. Russian Federation is drastically decreasing its export tax on oil products in order to support its oil producing companies.
Starting from October 1 2008, its tax is decreased from 485 US$ to 372 US$ per ton. Russian President D.Medvedev supports this resolution. If the tax remains same for rest of the time, its oil industry will be in loss. Therefore, oil producing companies also greatly supports and appreciates this resolution.

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