Brazil has revised its rules for setting the reference price for crude oil produced in the country in a bid to boost government revenues from royalties paid by oil companies operating in Brazil. The new mechanism could result in a royalty revenue boost of some $181 million, Reuters reported, citing the country’s energy minister, Alexandre Silveira. The new rules will take effect from September, affecting royalty distribution in November. Oil companies operating in Brazil have not exactly celebrated the changes, which will affect how tax and…
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