MOSCOW, Nov 1 (Reuters) - The Russian government decided to cut oil export duties on Saturday, Interfax reported, potentially averting losses on Russian oil companies' November crude shipments after a steep fall in oil prices.
The duty was set at $287 per tonne from November 1, in line with a Finance Ministry proposal, down from $372.20 in October, the Russian news agency reported.
Prime Minister Vladimir Putin had ordered proposals for a new formula for crude oil export tariffs to be based on market prices, the agency said.
(Writing by Melissa Akin, editing by Tim Pearce) Keywords: RUSSIA OIL/DUTY (melissa.akin@reuters.com; +7 495 775 1242) COPYRIGHT Copyright Thomson Financial News Limited 2008. All rights reserved. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
The duty was set at $287 per tonne from November 1, in line with a Finance Ministry proposal, down from $372.20 in October, the Russian news agency reported.
Prime Minister Vladimir Putin had ordered proposals for a new formula for crude oil export tariffs to be based on market prices, the agency said.
(Writing by Melissa Akin, editing by Tim Pearce) Keywords: RUSSIA OIL/DUTY (melissa.akin@reuters.com; +7 495 775 1242) COPYRIGHT Copyright Thomson Financial News Limited 2008. All rights reserved. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.