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Average Urals price rises 37.3% in Jan-May 2006 - ministry

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MOSCOW, June 23 (RIA Novosti) - The average price of Urals oil grew by 37.3% year-on-year in January-May 2006 and reached $60.7 per barrel, Russia's economics ministry said Friday.

In May 2006, Urals price stood at $64.7 per barrel, up 43.2% year-on-year and down 0.5% month-on-month, reflecting the market's reaction to official information on decisions made by the U.S. to increase its gasoline reserves and OPEC to maintain oil production quotas.

The ministry said forecasts of new tropical storms in North Atlantic, the slow restoration of oil production in the Gulf of Mexico and a lack of oil products at the peak of the driving season had kept world oil prices high in addition to geopolitical factors such as tensions around Iran and instability in Nigeria.

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