Oil glut to deepen thanks to new Iraqi deal

Oil glut to deepen thanks to new Iraqi deal. Just five days after OPEC decided to maintain production levels, Iraq, the group's second-biggest member, inked an export deal with the Kurds that may add about 300,000 barrels a day to world supplies. In a global market that neighboring Kuwait estimates is facing a daily oversupply of 1.8 million barrels, the accord stands to deepen crude's 38 percent plunge since late June. Or as Carsten Fritsch, a Frankfurt-based analyst at Commerzbank AG, put it: There'll be even more oil flooding the market that nobody needs. (VIEW LINK)