Buenos Aires, March 14 (NA) – The Secretariat of Energy will raise export duties from 3.36% to 8% on oil extracted from conventional fields in Chubut, Santa Cruz, Mendoza, and Neuquén. This is due to the rise in the international price of a barrel of oil, which again surpassed $100 this Friday, according to the Argentine News Agency. The decision aims to manage the impact of the Brent price increase on domestic fuel prices, as it incentivizes local producers to sell the country's heavy crude to refineries at a lower price. The government officially lowered export duties on crude oil from conventional fields at the end of January. It did so through a variable scheme of export duty rates with the intention of facilitating investment in mature fields in the San Jorge Gulf basin (Chubut and Santa Cruz), Mendoza, and also Neuquén. Under this new scheme, at the end of February, a retention of 3.36% was set for conventional oil, considering an average crude price of $71.30. However, due to the surge in the barrel's quotation following the outbreak of the War in the Middle East—this Friday Brent traded again above $100—the government will raise this retention to 8 percent. Private sources with knowledge of the official decision confirmed this to EconoJournal. Agency NA
