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Call to cut oil export

Call to cut oil export
Russian small oil firms called on the government on Thursday to urgently cut oil export duties by at least 30 percent following a plunge in global prices or face lower production.

The association of small and mid-sized oil and gas companies, AssoNeft, said in a letter that oil companies have been already exporting crude at a loss of $102 per a tonne in October.

"Taking into consideration the critical situation for independent oil companies, AssoNeft... asks the government to revise export duties for crude oil for November 2008, cutting them at least by $110 per tonne," the letter said.

The government has set oil export duty of $372.2 per tonne for October and November.

www.TurkishMaritime.Com.tr

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