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Energy Daily Editorial Team
Editorial Team

Energy Daily Editorial Team

Editorial Team

The Energy Daily Editorial Team produces Energy Daily's coverage of the global energy industry. We report on oil and gas, power grids and utilities, energy markets and policy, and the renewables and storage reshaping how the world is powered. Articles reflect our team's collective editorial process, source verification, drafting, technical review, and editing, rather than a single writer's work. Energy Daily takes editorial responsibility for content under this byline. For more on how we work, see our editorial policy.

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Analysis: Russia cuts oil export taxes

Washington (UPI) Dec 11, 2008 - At this festive time of year, Westerners should spare a modicum of cheer for Russian energy producers, battered by plunging global demand and a tax rate that recently stripped them of any profit. The global plunge in oil prices occurred more swiftly than the Kremlin anticipated, having on Oct. 1 slapped a duty of $372.20 a ton on oil exports, to last until Dec. 1. Russian energy companies wound up paying the government $69.40 for each barrel of exported oil at a time when world prices slumped to $66.65 a barrel and lower.