Friday, January 27, 2012

Algeria: Algeria won’t compensate for fall in Iran’s crude supply - Minister

Source: IRNA

Tehran, Jan 27, IRNA – OPEC member Algeria has no plans to increase its oil exports to compensate for reduction in Iranian oil exports caused by imposition of further US and EU sanctions, Algerian Energy Minister Youcef Yousfi said.

“We have a fixed program for exporting our oil and this program will not change by any means,” Yousfi added.

Commenting on the impact of crude oil on the euro zone debt crisis, Yousfi said that the oil prices will remain as they are and expressed hope that they will not fall because of the financial crisis.

Yousfi’s remarks contrast with a Saudi pledge to increase its production in case of Iran supplies disruption. But unlike Saudi Arabia, Algeria doesn't spare production capacity.

Iranian lawmakers said Thursday they would debate a bill to abruptly halt oil exports to the EU after the latter decided an oil ban against Tehran from July 1.