Those cuts — which are designed to help the world work through a glut of existing oil supplies and thereby reduce prices — were scheduled to take effect this week. But big questions remain about how exactly Iraq will manage to hit its agreed-upon quota and cut out 210,000 barrels a day.
That includes how Iraq will handle its contractual commitments to the international oil companies that operate its massive southern oil fields, and whether the northern region of Iraq that's controlled by its Kurdish minority will go along with cuts.
Iraq is OPEC's second biggest producer, and it has promised some of the largest cuts among cartel members and other big producers like Russia. The overall goal among parties to the agreement is to remove nearly 1.8 million barrels a day from the market.