InfoAnda - Russia cuts oil duty but exporters disappointed

Pakistanis angry over detentions in Times Sq. case
Monday, May 24, 2010
ISLAMABAD – Relatives of three men detained by Pakistan for alleged links to the suspect in the attempted Times Square bombing say the men are innocent.
They

Taiwan denies boycotting Australian film festival
Thursday, August 6, 2009

AFP - Thursday, August 6TAIPEI (AFP) - - Taiwan's Beijing-friendly government on Wednesday denied boycotting an Australian film festival amid a row over the e

Merkel's support dips, regional ally resigns International
Thursday, September 3, 2009

By Sarah Marsh and Noah Barkin

BERLIN (Reuters) - Chancellor Angela Merkel suffered a double blow on Thursday as a senior party ally in east German

Minister seeks closure of anti-Berlusconi websites
Wednesday, December 16, 2009
ROME (AFP) - – The Italian government moved Tuesday to close down Internet sites encouraging further violence against Prime Minister Silvio Berlusconi, who

Asian markets mixed after Wall Street rally
Wednesday, March 18, 2009

By ELAINE KURTENBACH,AP Business Writer AP - Wednesday, March 18SHANGHAI - Asia's stock market rally seemed to be running out of steam Wednesday, despite an

Australia's Labor to scrape back into power | | 18 August 2010
Senate Resumes Debate On $900 Billion Stimulus Wednesday As Recess Deadline Looms | 4 February 2009
Michael Chiklis' superhero series targets families | | 22 September 2010

Slow show reveals crisis impact on Abu Dhabi property | 19 April 2010

">Forum Views () ">Forum Replies ()

Read more with google mobile : Russia cuts oil duty but exporters disappointed

Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Secondary Navigation Singapore Asia Pacific World Search Search: Russia cuts oil duty but exporters disappointed Reuters - Sunday, November 2 By Lyudmila Zaramenskikh MOSCOW, Nov 1 - The Russian government cut oil export duties on Saturday, responding to the concerns of top producers who feared making losses on overseas shipments. However, the cut was far less than oil companies had wanted and it remained unclear whether they would proceed with November export plans or redirect their oil to the domestic market to avoid the duty. "It was the minimum reduction and it does not significantly raise the appeal of exports," a source at one of Russia's oil companies said. The duty was set at $287 per tonne from November 1, down from $372.20, Russian news agencies reported. That was the level favoured by Russia's Finance Ministry, finance and economics ministry sources said on Friday. The Finance Ministry, led by fiscal hawks who are counting on income from Russia's oil resources to help stave off the effects of the global financial crisis, calculated its proposal to protect its budget requirements, the sources said. Russia's senior energy official, Deputy Prime Minister Igor Sechin, was backing a steeper cut to $195.20 per tonne, with the support of the oil industry lobby, the sources said. Prime Minister Vladimir Putin ordered proposals for a new formula for crude oil export tariffs, based on market prices, to be prepared by December 1, news agencies said. World number two exporter Russia, alarmed by falling prices, has said it would not join OPEC oil producers' efforts to regulate prices by cutting production, but has said it would like closer ties with OPEC and more influence on prices. OPEC decided late last month to cut around 5 percent of world oil supply to put a floor under prices. The cut has had a limited impact as concerns about global recession continued to exert pressure on prices. LOSS-MAKING EXPORTS At the October duty level, industry sources said exports appeared loss-making after oil's fall from record high prices of over $140 per barrel in July. Russia's Urals blend crude <URL-E> was trading around $59.55 per barrel on Friday , including the cost of delivering the oil to Mediterranean ports. Trade sources said earlier on Saturday that Russia's largest oil companies were preparing to cut at least half a million tonnes from the 11.5 million tonne November seaborne export plan if the government failed to trim duty enough. "Rosneft and TNK-BP have cancelled two hundred thousand tonners, and LUKOIL has cancelled all its Primorsk volumes for the first 10 days of November," a trade source said on Saturday. Pipeline monopoly Transneft's export programme showed TNK-BP was planning to export 300,000 tonnes, Rosneft 700,000 tonnes and LUKOIL 300,000 tonnes from the Baltic port of Primorsk in the first 10 days of November. From the Black Sea port of Novorossiisk, TNK-BP was to export 85,000 tonnes, Rosneft 140,000 tonnes and LUKOIL 160,000 tonnes. The oil companies were not immediately available for comment on Saturday. Trade sources said earlier this week that oil for delivery to the domestic market in November traded as low as 2,000 roubles per tonne, or around $10.30 per barrel, as oil companies gave up hope for a duty cut in early November. Domestic prices are based on export netbacks, or the return the oil companies receive on a barrel of oil shipped to international markets. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: Oil Price Hike Russia cuts oil duty but exporters disappointedReuters - Sunday, November 2 Libyan leader seeks energy deals with RussiaReuters - Sunday, November 2 Nippon Mining slashes profit f'cast on oil slideReuters - Saturday, November 1 Oil prices extend losses in Asian tradeAFP - Friday, October 31 Related Articles: Business No big sellers in sight to save troubled ChryslerAP - Sunday, November 2 TOPWRAP 3-China, India feel crisis; Brown seeks Gulf helpReuters - Sunday, November 2 Russia cuts oil duty but exporters disappointedReuters - Sunday, November 2 Bond film opens with guns blazing in BritainReuters - Sunday, November 2 Chrysler halts Renault-Nissan talks, favors GM-paperReuters - Sunday, November 2 Related Full Coverage oil price hike oil price hike All Full Coverage Most Popular – Business Viewed US presidential race enters final weekend Consumers curb spending, deepening recession fears Bali bombers await firing squads as Indonesia stands guard Australian F1 race posts record financial loss Millions remember Philippine dead View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology

Other News on Saturday, 1 November 2008
Al-Qaeda propaganda chief killed in Pakistan strike: officials
Al-Qaeda propaganda chief killed in Pakistan strike: officials
Iraq, Iran to exchange remains of 1980s war dead
Bali bombers' executions very close: official | International |
Rabbis' ruling puts thousands of converts in limbo
Iran upholds sentence against Kurdish activist
Improved tribal relations could aid NATO in Afghanistan: General
Bolivia's Morales bars spying U.S. DEA agents | International |
Like never before, US voters plug into power of the Internet
Hungary saved from bankruptcy by international aid: PM
Iraq expects U.S. reply on troop pact within days | International |
Al-Qaeda propaganda chief killed in Pakistan strike: officials
Internet collaboration still in infancy: Wikipedia founder
Obama riding 'righteous wind' three days before election
U.N. envoy raps Israel for razing West Bank homes | International |
Morales halts US anti-drug efforts in Bolivia
Hundreds queue for new Nintendo console
Western diplomats bid to stop crisis in eastern DR Congo
Europe to help east Congo, but cool on troops | International |
SAS chief in Afghanistan quits in equipment row: report
ANC dissidents lay out platform for new South African party
Nineteen militants killed in Afghanistan: US-led force
Britain's Brown arrives in Gulf for whirlwind tour
Mexico death industry thrives on drug war killings | International |
Moderate Islamist returns to Somalia for talks | International |
Massa hails 'dream' pole for Brazilian Grand Prix
Quake shakes Peru capital Lima, no damage reported | International |
Swiss central banker calls limiting bankers' pay 'senseless'
India's central bank cuts key rates, cites 'unsettled' conditions
ANC defectors to form new party in South Africa | International |
Chavez: Biz related to scandal may be expropriated
Welsh road sign lost in translation
Obama riding 'righteous wind' three days before election
Green prisons farm, recycle to save energy, money
Hundreds queue for new Nintendo console
India's central bank cuts key rates, cites 'unsettled' conditions
India central bank cuts interest rate half point
Bond film opens with guns blazing in Britain | Entertainment |
Russia cuts oil duty but exporters disappointed
Libyan leader seeks energy deals with Russia
UN envoy to Israel: Halt house demolitions
Outgoing Indonesian top judge denies graft
Britain extradites three Tunisian terror suspects to Italy
IMF needs hundreds of billions of dollars more: British PM
West African rebels say no longer want to kill hostages
Libya's Kadhafi touts energy ties in talks with Russian leader
Rwanda, DRCongo leaders agree to summit: EU official
Russia humiliating EU over Georgia: Lithuanian president
West Africa rebels threaten to kill French oilmen 'one by one'
Taiwan says no violence during China envoy visit
Brother of Afghan minister kidnapped in Pakistan
NKorea releases new photos of leader Kim Jong Il
At least 22 dead in Vietnam floods
Thai man shot after row with anti-govt protesters: police
Bali bombers await firing squads as Indonesia stands guard
Malaysia's No. 2 leader close to clinching top job
China's Canton Fair suffers drop in attendance
South Asia braces for fall in vital remittances
Asia-Pacific weather
Security tight ahead of Bali bombing executions
Family defiant as Indonesia awaits bombers' execution
Indonesian landslide kills 25
Indonesia passes far-reaching anti-porn law
Indonesian lawmakers pass anti-porn bill
Indonesian hard-line Muslim gets 18 months in jail
Obama's former house in Indonesia draws attention
Obama's former house in Indonesia up for sale
Iraq earmarks $15 billion for reconstruction
British PM calls on Gulf states to give funds to the IMF
Eight soldiers killed in Pakistan suicide attack: official
Loeb wins record fifth World Rally Championship
Bolivia's Morales bars spying U.S. DEA agents | International |
Australia anxious as Indonesia prepares to execute Bali bombers
Pakistan quake hits apple orchards, livelihoods
North Korea shows photos of leader Kim at soccer match | International |
Suicide car-bomber kills 8 Pakistani soldiers | International |
Foods to prevent disease?
China vows to wipe out tainted animal feed | International |
Boeing machinists end strike
Afghan abductors free Bangladeshi aid workers | International |
McCain shows funny side on 'Saturday Night Live'
Helpless and hopeless, Myanmar cyclone survivors struggle on | International |
NKorea releases photos of Kim in bid to quash health rumours
Europe to help east Congo, but cool on troops | International |
NKorea releases photo of Kim
Green prisons farm, recycle to save energy, money
Morales halts US anti-drug efforts in Bolivia
Japanese firms hit by global crisis, stronger yen: survey
South Asia braces for fall in vital remittances
Hedge funds take beating in global turmoil
China's Canton Fair suffers drop in attendance
S.Korean financial system sound despite turmoil-c.bank
Real McCain joins fake Palin on Saturday Night Live | Entertainment |
Two Israeli police injured in clash with settlers
Greece at new risk of being pushed off euro
Bodies of missing Tenn. mom, Jo Ann Bain, and daughter found
Female Breasts Are Bigger Than Ever
AMD Trinity Accelerated Processing Units Now in Volume Production
The Avengers (2012 film), made the second biggest opening- and single-day gross of all-time
AMD to Start Production of piledriver
Ivy Bridge Quad-Core, Four-Thread Desktop CPUs
Islamists Protest Lady Gaga's Concert in Indonesia
Japan Successfully Broadcasts an 8K Signal Over the Air
ECB boosts loans to 1 trillion Euro to stop credit crunch
Egypt : Mohammed Morsi won with 52 percent
What do you call 100,000 Frenchmen with their hands up
AMD Launches AMD Embedded R-Series APU Platform
Fed Should not Ignore Emerging Market Crisis
Fed casts shadow over India, emerging markets
Why are Chinese tourists so rude? A few insights

USD EUR - 1 year graph	VPN on MacOSX	BlogMeter 1.01