News from the official website of the Russian Ministry of Finance on May 17 showed that starting from June 1, the country’s crude oil export tax will be increased by US$3.9/ton (approximately RMB 25/ton) to US$58.8 per ton (approximately RMB 25/ton). RMB 379); the export tax on ordinary gasoline was increased to US$17.6 per ton.
This move means that Russia is restricting oil exports. You know, Russia is very rich in oil, natural gas and other energy sources. The country’s Minister of Natural Resources and Ecology only disclosed on May 11 that based on the current technical level, the country’s recoverable oil reserves are sufficient for 58 years, of which 19 years will be profitably exploited. Why does Russia suddenly need to restrict oil exports?
In fact, Russian Deputy Prime Minister Alexander Novak hinted in April that the country was preparing to support restrictions on oil exports. to boost the domestic market. Currently, Russia is facing an oil shortage. This is mainly due to large local oil companies significantly restricting the supply of oil products, causing crude oil prices to rise. Restricting oil exports will help the country stabilize oil prices.
So, what impact does this have on China? Taking 2020 as an example, statistics show that Russia has become China’s second largest source of crude oil imports with an export volume of 83.57 million tons last year. Based on this data, if the Russian crude oil export tax rises to 379 yuan/ton, Chinese buyers will need to spend an additional 2.1 billion yuan in 2020.
According to Igor Demin, consultant to the president of the Russian Petroleum Pipeline Transportation Company, in April this year, the company passed the pipeline Oil exports to China increased by 9.3% to 3.37 million tons, and are expected to continue to rise to 3.58 million tons in May. It can be seen that Russia will export more and more crude oil to China in the future.
However, given Russia’s abundant oil reserves, the local shortage of crude oil may only be temporary. As Russia makes up for the shortfall in crude oil supply domestically, Chinese buyers may not need to pay more for export tax increases in the future. </p
