MOSCOW, November 1 (RIA Novosti) - The Russian government has reduced customs duty on the export of crude oil to $287 per ton from $372.2, its press service said on Saturday.

It also said Prime Minister Vladimir Putin had signed an executive order directing the government agencies concerned "to submit, by December 1, proposals on a new customs duty formula, based on the market price."

A senior Finance Ministry official earlier said the cut would enable oil producers to save some 50 billion rubles (about $2 billion).

The falling oil price, currently at around half its $147/bbl July high, has dealt a blow to Russia's economy, which depends heavily on oil revenue.