MOSCOW, October 26 (RIA Novosti) - The Russian Economic Development and Trade Ministry announced Wednesday the average price of Urals crude on international commodities markets in September rose 52.8% year on year to $58.2 per barrel, but slipped 0.7% against the previous month.
Urals Med crude hit a record high of $58.6 per barrel in August in the aftermath of Hurricane Katrina, with the average 3Q05 price reaching $57.2, a 22% increase from 1Q05.
The ministry said oil prices had fallen in September, but still remained relatively high due to high international demand triggered by speculations over a new energy crisis, since many refineries were affected by the hurricane.
Amid concerns, the International Energy Agency announced plans to supply 35 million barrels to the United States by the end of October under an assistance program for countries affected by natural disasters. OPEC also agreed to increase oil exports to stabilize world oil prices.
