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A recent cut in export tariffs from 10% to 7% is merely palliative.
Its cost will be borne by Russian taxpayers rather than by Gazprom, as the discount in gas prices to Ukraine will be provided by a cut in export duty paid by Gazprom to the Russian state.
The survey reported a combined 4.6percentt cut in export revenue over the year, equal to a loss of export income of 3.2 billion Australian dollars, and estimated that each 1-cent gain above 70 cents reduced manufacturing export earnings by about 0.3percentt, or 210 million Australian dollars.
Similar(56)
But the cut in exports, 150,000 barrels, coincides with a seasonal fall in exports.
Even some Russian oil companies are mulling over a temporary cut in exports.
Just as galling, perhaps, is that OPEC's proposed cut in exports, 500,000 barrels a day, happens to precisely match Russia's export increase this year.
Russia did announce a small cut in exports last month for the final quarter of 2001, but the move was meant as a penalty against oil companies.
Oil prices have registered their biggest one-week leap in almost a year, as markets grapple with the prospect of a protracted war in Iraq and a cut in exports from Nigeria just when demand increases for the spring and summer driving season.
D9 BUSINESS DAY C1-16 Oil Prices Rising Oil prices rose 12percentthis weekek, as global markets grappled with the prospect of a protracted war in Iraq and a cut in exports from Nigeria just as oil demand increases for the spring and summer driving season.
Oil at $30 would be much better for the Russian economy than oil at $15, but the Russian government has declined to make anything more than a symbolic cut in exports.
Last Friday, remarks by Mr. Kasyanov promising unspecified cuts in exports set off a surge in crude oil prices.
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