The production allocations for OPEC/non-OPEC countries provide a bit more clarity than the December 7th Declaration of Cooperation. The document indicates a cut of 320,000 b/d for Saudi Arabia – smaller than the 450,000 b/d originally implied. On balance, we believe OPEC will get close to compliance. Non-OPEC participants to the deal, led by Russia, are unlikely to comply fully. For more on the market impact see our just-released Global Crude Oil Outlook.