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Russia reduced the supply of petroleum products to the EU, but raises the duty on the export of oil and LNG

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21 June 2022

The duty on oil exports from Russia will increase from July 1 by $10.4-to $55.2 per ton. This is reported by the media with reference to the Ministry of Finance of the Russian Federation. Currently, the export duty on oil is $44.8 per ton.
“The average price of Urals oil for the monitoring period from May 15, 2022 to June 14, 2022 was $87.491 per barrel, or $638.7 per ton,” the ministry explains.
The duty on light oil products and oils will increase to $16.5 from $13.4 per ton, on dark ones - to $55.2 from $44.8. The duty on the export of commercial gasoline will increase to $16.5 from $13.4 per ton, and straight-run (naphtha) - up to $30.3 from $24.6 per ton.
Duty on liquefied gas (SPBT) from July 1 will rise to $110.4 from $87.2 a month earlier, on pure LPG fractions to $99.3 from $78.4, on coke to $3.5 from $2. 9 per ton.
All this suggests that in the foreseeable future, a decrease in prices for hydrocarbon resources should not be expected. A paradoxical situation has developed in the oil and gas market. Against the background of sanctions, Russia has significantly reduced the supply of petroleum products to EU consumers. At the same time, in anticipation of a possible deficit, world oil prices are breaking records. It seems that the era of low prices is changing into an era of high prices in the global oil and gas market. Against this background, the International Energy Agency predicts that non-OPEC+ countries will become leaders in the growth of world oil supplies in the next year and a half.