Saudi Energy Minister: Freeze agreement could be reached later this year

Following are the key remarks, via Reuters, by Saudi Energy Minister Khalid al-Falih, from a press briefing with Russia Energy Minister Alexander Novak, highlighting that he isn't expecting agreement at Wednesday's talks in Algiers.

• Gap in views among OPEC countries is narrowing
• Main debate on output levels for Iran, Libya, Nigeria
• Iran, Libya, Nigeria should be allowed to produce at maximum levels seen in recent history
• Once we agree on Iran, Libya, Nigeria, there will be a freeze
• Consensus possible by Nov
• Concerned about under-investments, project cancellations; "this is not only about our fiscal requirements"
• Saudi Arabia can withstand current trend in oil price
• Saudi Arabia investing in spare capacity so it can survive under these conditions
• Says doesn't think there is a need for significant adjustment or to cut in significant way