Iran could face difficulty selling down oil inventories even if restrictions on its energy imports are lifted, as weak Chinese buying and rising supply from OPEC+ and Gulf producers weigh on the market. OPEC+ agreed to raise August output quotas by 188,000 barrels a day, the fifth straight monthly increase, bringing cumulative quota additions to about 940,000 barrels a day since the war began. At the same time, Gulf oil flows have recovered, with Saudi Arabia shipping about 6.3 million barrels a day last week and the UAE exporting 3.94 million barrels a day of crude and condensate in June, according to Kpler. Analysts and banks including Morgan Stanley and Goldman Sachs warned continued supply growth could contribute to a market glut next year, while China has not materially increased purchases and its imports from Iran and the wider Middle East have fallen sharply.