MOSCOW, May 28 (UPI) -- Russia will increase oil export duties beginning June 1 to $152.8 per metric ton as global oil prices recover amid a thawing economic climate.
Beginning June 1 Russia will raise the export duty on light oil products from $105.1 to $115.2 per metric ton, or about 7 barrels of oil, and from $56.6 to $62.1 per metric ton for heavy oil products, RIA Novosti reports, citing official government sources.
The global economic crisis has devalued the Russian ruble amid declines in the world energy market. Russia receives a substantial part of its revenue from oil, which at one point dropped more than $100 per barrel since peaking at around $147 in July.
Export duties on Russian crude oil dropped 4 percent in April toward $100 as the average Urals blend price settled around $42 per barrel.
Global oil prices had settled around $50 per barrel for months as the global economy recession bottomed out, though oil prices have recovered to around $60 as signs of economic recovery emerge.