Russia Considers Brent-Based Oil Tax To Limit Its Losses

Russia is considering taxing its oil firms based on the price of Brent – instead of its flagship grade Urals – to limit the fallout on the Russian budget revenues due to the widening discount of Urals to Brent, Russian daily Kommersant reported on Friday, quoting sources.   Russia is looking at ways to reduce the steep discount on Urals and to stabilize the oil revenues. At the end of January, Russian President Vladimir Putin ordered the government to submit within a month proposals to change the methodology for calculating the…