(Updates with taxes in fourth paragraph, Lukoil in fifth.)
Oct. 2 (Bloomberg) -- Russian crude and gas condensate production rose to a post-Soviet record in September and exports jumped before Prime Minister Vladimir Putin approved a new tax structure raising the duty on fuel oil shipments.
Production reached 10.3 million barrels a day last month, remaining at the highest level in the world, according to preliminary data from the Energy Ministry’s CDU-TEK unit sent by e-mail today. That is 0.2 percent higher than the previous month’s 10.27 billion barrels a day and 1.2 percent higher than in September of last year.
Crude oil exports surged to 5.47 million barrels a day, 7.2 percent more than in September of last year and 5.7 percent more than in August of this year, according to the data.
Putin lowered the crude export tax rate from Oct. 1, while raising the duty on heavy oil products, such as fuel oil, to spur investment in production. The leader, who may return as president in the March election, has called for daily output to remain above 10 million barrels for at least the next decade. Oil is Russia’s largest source of tax revenue. Soviet-era output in Russia peaked at 11.48 million barrels a day in 1987, according to BP Plc data.
OAO Lukoil, controlled by billionaires Vagit Alekperov and Leonid Fedun, remained the only of Russia’s five biggest oil producers to show annual declines, as traditional fields in western Siberia age. The company’s output at Russian fields fell 5.4 percent from a year earlier to 1.7 million barrels a day, while remaining little changed from the previous month.
OAO Bashneft, the regional oil producer controlled by billionaire Vladimir Yevtushenkov, lead the annual gain, boosting output 5.3 percent to 307,400 barrels a day, that was 0.2 percent more than the previous month.
Russia reduced its export duty on most crude shipments by 7.4 percent to $411.40 a ton ($56.12 a barrel) as of Oct. 1 because of the new “60-66” tax measure and a decline in oil prices, on which the duty is based. The crude duty rate was lowered to 60 percent from 65 percent last month under a decree signed by Putin, while the tax on refined products was unified at 66 percent of the crude levy. Given recent oil prices, that decreased the tax on middle distillates such as diesel by 8.7 percent this month, while pushing up the rate for heavy products by 31 percent.
Gas production fell 0.7 percent from a year earlier to 1.59 billion cubic meters a day. That was an increase of 7.6 percent from the previous month, according to the data.
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