AFP reported that Algeria said Thursday it will not boost crude oil exports in the event Iran suddenly cuts supplies to Europe after the EU imposed new sanctions on Tehran over its nuclear drive.

Mr Youcef Yousfi energy minister of Algeria said that "We have a program in place that won't be modified."

EU foreign ministers agreed Monday on an immediate ban on oil imports and a phase out of existing contracts up to July 1st 2012 as the West ramped up the pressure over Tehran's nuclear activities and urged it to return to talks.

However, Iran's parliament is expected to consider next week a bill to ban oil exports to Europe much sooner, a move that could potentially raise prices.

(Sourced from AFP)