Excess gas is burned off near workers at the Rumala oil field a project with CNOOC Iraq has for the first time begun preparing for a return to the Opec production quota system , in a shift of policy that reduces the prospect of oversupply and lower prices in global oil markets. Iraq , whose oil industry has recovered rapidly since the US-led invasion a decade ago, is expected to be one of the largest sources of supply growth in the oil market over the next decade. With North American output also rising rapidly due to the shale revolution, some analysts have raised the prospect of a supply glut unless Opec , the cartel of oil exporters, can control production. Until now Iraq has insisted that other members of the producers’ group, which controls around a third of the world’s oil production, should accommodate its growth. But speaking to […]