MOSCOW, Aug 25: Russia is likely to slightly cut the oil export duty for October-November from the current record level following the recent fall in global oil prices, a Finance Ministry official said on Monday.

Russia sets crude and oil product export duties every two months based on monitoring international prices for its benchmark Urals crude blend.

Alexander Sakovich, deputy head of the ministry’s customs monitoring department, said the export duty was likely to amount to $483-$487 per ton, down from a record high of $495.9 per ton set for August-September.

The current duty was an increase of nearly $100 from the previous two months.

Sakovich said export duties on light refined products would fall to $338-341 per ton from $346.4 and to $182-$183.5 per ton from $186.6 per ton on heavy products such as fuel oil.

Export duties often prompt Russian oil firms to redirect their flows, refining more crude at home when duties rise and sending more abroad when they decline.—Reuters