The greater concern is the methane released into the atmosphere from fossil fuels which is adding carbon into the atmosphere. The methane from cattle is, as you've pointed out, carbon that is already in the system, not adding additional carbon. However, as CH4 is a more powerful greenhouse gas than CO2 its release should be reduced. The reason water treatment plants and gas extractors flare the methane is because burning it converts it to CO2, less dangerous to the atmosphere than CH4.
Climate Action Now, page-111
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