Russia 's energy ministry has proposed a new oil tax regime that will lower the export duty on crude oil and oil products starting in 2014, the Interfax news agency reported late Monday citing a letter from Deputy Energy Minister Sergey Kudryashov to the government.

The ministry proposes lowering the export duty on crude oil to 55% from 60% of the oil price, while decreasing the export duty on oil products to 60% from 66%.

The new export duty regime would benefit oil producers and allow Russia to stabilize oil production until 2020, Kudryashov said in the letter.

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