Russia cuts oil export duties: Report

MOSCOW: Russia's government decided on Saturday to cut oil export duties aimed at helping the country's oil producers cope with declining prices, Interfax news agency reported.

Prime Minister Vladimir Putin approved a decision to reduce customs duty on the export of crude oil to $287 (225 euros) per tonne from $372 per tonne at the start of November.

The cut, favoured by the finance ministry, was brought forward by one month in response to the global financial crisis.

Vedomosti daily said Saturday the government considering lowering the duty to 195 dollars per tonne instead, as promoted by the economic development ministry -- a difference that would have cost Moscow's state coffers two billion dollars per month.

Putin also ordered proposals for a new formula for crude oil export tariffs, based on market prices, by the beginning of December.