Russia could slightly reduce oil export duty on its Urals blend from the current $271 to $266-268 per metric ton starting in January, a Finance Ministry official said.

Alexander Sakovich, head of the ministry's integrated analysis department, said the average oil price was $75.66 per barrel from November 15 through December 10.

"If the price keeps within a $68-72 band, the monitoring price for the period will be $74.93-75.31 per barrel," Sakovich said.

Based on the export duty calculation formula, the maximum rate could be set at $266-268 per metric ton from January 1.

In that case, duty on light petroleum products will fall to $192-193 per ton from the current $194.9 per ton, and duty on heavy petroleum products to $103-104 per metric ton from the current $105 per metric ton, he said.

On March 1, as world oil prices stabilized at $43 per barrel, Russian oil export duty was raised to $115.3 per ton. In April it fell to $110. In the subsequent months, oil export duty rose after a rally on oil markets, was lowered by $10 in November, and raised by $40 in December.

Last year, the government moved from a bimonthly to a monthly duty adjustment procedure to respond more swiftly to changes in world oil prices.

MOSCOW, December 11 (RIA Novosti)