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Russia could lift oil export duties by 2025

Tuesday, March 14
Russia could lift the oil export duty in 2022-2025, RIA Novosti quoted the country’s Finance Minister Anton Siluanov as saying March 13.

He pointed out that currently, the government is discussing the possibility of setting the oil export duty to zero with gradual transfer of the burden to internal taxation.

The Finance Ministry is holding relevant consultations with the Ministry of Energy, Siluanov added.

Russia was the world's largest producer of crude oil including lease condensate and the third-largest producer of petroleum and other liquids (after Saudi Arabia and the US) in 2015, with average liquids production of 11 million barrels per day (b/d), according to the data of the US Energy Information Administration.

Russia's proved oil reserves were 80 billion barrels as of January 2016, according to the Oil and Gas Journal. Most of Russia's reserves are located in West Siberia, between the Ural Mountains and the Central Siberian Plateau, and in the Urals-Volga region, extending into the Caspian Sea.

In 2015, Russia produced an estimated 11.03 million b/d of petroleum and other liquids (of which 10.25 million b/d was crude oil including lease condensate), and it consumed about 3.5 million b/d. Russia exported more than 7 million b/d in 2015, including roughly 5 million b/d of crude oil and the remainder in products and other liquids.