THE OIL WARS: OPEC/Saudi ‘Promises’ Fail To Ignite Momentum in WTI Crude Prices.

As Bloomberg reports, OPEC and partners meet in St. Petersburg where the Saudi energy minister says he expects deep cut in nation’s August exports.

OPEC/non-OPEC meeting:

•Saudi Arabia’s Al-Falih says inventory draw-down to accelerate, demand picking up; Saudis to cap exports at 6.6m b/d in August, y/y decline of 1m b/d

•Joint ministerial committee said to discuss monitoring oil exports along with production figures; Al-Falih says exports have become key metric for financial markets

•OPEC may need to discuss in November extending cuts: U.A.E.

•Nigeria to limit output to 1.8m b/d if it can reach that level: Oman

•Russia’s Novak sees ‘‘big potential’’ for oil markets in 3Q; not opposed to monitoring exports

And this is the result… a quick spike above $46… then fall back.

Have you hugged a fracker today?