Geopolitical July News

Libyan Production – Libyan production, which had fallen by a whopping 850,000 barrels per day due to political instability, came back online, replenishing the market.
Iran Sanction Waivers – After months of issuing strict, zero-tolerance type statements on Iran sanctions enforcement, the State Department this week allowed for the possibility of some countries getting waivers.
At NATO meetings this week, President Trump has called on allies to meet a 2% of GDP defense spending target immediately rather than waiting until 2024 as has been previously negotiated. He raised the same point at last year’s meeting, but even Germany is not meeting that goal presently even though US is spending somewhere between 3.5 – 4 percent currently. NATO secretary general announced today that NATO will strengthen deterrence and defense in the fight against terrorism and will share the burden more fairly, but that was the extent of the commitment. An interim ceasefire agreement has been reached in Syria’s southern province of Daraa between Russia and Syrian rebel groups. The agreement also gives Russian military police control of the border between Jordan and Syria.