Not only is OPEC refraining from cutting oil output to stem the five-month plunge in prices, it’s adding to the supply glut. Just five days after the Organization of Petroleum Exporting Countries 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.” Benchmark Brent crude slumped immediately after the deal was signed Dec. 2 in Baghdad , dropping 2.8 percent to $70.54 a barrel. Prices, which slipped 0.9 percent yesterday to reach the lowest since 2010, were at […]