President Trump continues to adopt policies that have a bearing on key oil producers. Continued rumors that the Administration will eliminate waivers on Iranian sanctions dovetail with his tough position vis a vis the Iranian Revolutionary Guards. Meanwhile, President Trump’s apparent support of General Haftar in Libya is a bit of a surprise. The President’s posture towards both Iran and Libya seem generally in line with Saudi interests. Could this mean a quid pro quo on Iranian production? For the moment we continue to believe the waivers will not be reduced to zero, but it is hard to anticipate the next steps of such a quixotic president.