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  Monday, October 21, 2019
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Russian oil exports dropped 5.9% year-on-year to 162.8 million metric
Russian oil exports dropped 5.9% year-on-year to 162.8 million metric tons (1.2 billion barrels) in January-August 2008, the federal statistics service said on Friday.

Crude accounted for 36.6% of all Russian exports and 52.5% of the country's energy exports in the reporting period, against 34.4% and 53.9%, respectively, in the same period of 2007.

The average oil export price was $815.7 per ton in August, a drop of 8.1% against July, with Urals oil prices falling by 14% to $814.8 per ton on the global market.

Russian oil output declined by 0.7% year-on-year to 325 million metric tons (2.4 billion barrels) in the first eight months of the year.

The sharp decrease in oil prices in September led to the government easing the tax burden on oil companies.

Russia cut crude oil export duties by almost 25% to $372.2 per ton from October 1, 2008. According to Finance Ministry estimates, the measure effectively injects another $5.5-5.6 billion into the country's oil sector.


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