OPEC will increase its production capacity by about twice as much as previously thought, led by expansion in Iran and Iraq, the International Energy Agency said. The Organization of Petroleum Exporting Countries will raise output capacity by 1.95 million barrels a day from 2016 to 2022, with a third of the gains concentrated in Iraq, the IEA said. Last year the Paris-based agency predicted growth of 800,000 barrels a day from 2015 to 2021. While OPEC is leading an effort by global producers to clear a glut this year by reducing output, the organization is getting ready to meet rising demand in coming years. Iraq is rehabilitating its oil industry after years of conflict, while neighboring Iran is seeking foreign investors after the lifting of nuclear-related sanctions. “The group is building capacity even as it reduces in 2017, in anticipation of higher demand,” said the IEA, which advises most […]