Higher taxes sap Russian oil exports to Europe

Russian oil exports to Europe fell in June and average daily oil output rose at the slowest annual pace of this year as higher taxes discouraged investment in fields.

Exports from Russia, the world’s second-biggest oil supplier, to countries outside the Commonwealth of Independent States fell to 4.22 million barrels a day in June, down 8.5 per cent from May. Russia raised crude oil output 1.8 per cent to 9.43 million barrels a day, or 38.58 million tons in June, from 9.26 million barrels a day in June last year, according to data from Moscow-based consultant OOO Petromarket.