Lukoil has approached the Russian government seeking changes to the oil tax formula as discounts on Russian crude exceed $20 per barrel, a level that would force producers to make net payments into the budget rather than receive compensation, according to The Moscow Times, citing Izvestia. The request comes as Russia’s largest private oil producers face falling realized prices from exports sold well below global benchmarks. Urals crude has been trading at deep discounts as higher freight costs, restricted access to Western insurance, and…
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