U.S. West Texas Intermediate (WTI) crude futures eased 3 cents, or 0.1%, to $42.16 a barrel by 0436 GMT, while Brent crude futures rose 9 cents or nearly 0.2% to $45.25.
Domestic supply tightness, coupled with aging refineries that are unable to produce high grade fuel will push Pakistan to rely a lot more on imports, said the report.
US West Texas Intermediate (WTI) crude futures eased 4 cents, or 0.1pc to $40.97 a barrel at 0655 GMT, while Brent crude futures fell 11 cents, or 0.3pc to $44.04 a barrel.
Brent crude futures slid 26 cents, or 0.6%, to $43.26 a barrel by 0253 GMT. U.S. West Texas Intermediate (WTI) crude futures were down 29 cents, or 0.7%, at $39.98 a barrel.
Exports from Basra and other southern Iraq terminals to July 29 averaged 2.75 million bpd, based on figures from Refinitiv Eikon and an industry source.
Slow demand recovery amid the second wave of COVID-19 infections has depressed spot prices for Middle Eastern crude this month, while Asia’s refining margins remained weak, they said.
The world's largest oil exporter saw oil revenues decline by 45pc year-on-year in the second quarter to $25.5 billion while total revenues dropped 49pc to nearly $36 billion.
The U.S. Federal Reserve’s policy-setting panel meets on Tuesday and Wednesday, where it is expected to reiterate it will keep interest rates near zero for years to come.
Brent crude dipped 14 cents, or 0.3%, to $43.20 a barrel by 0242 GMT, while U.S. West Texas Intermediate (WTI) crude dropped to $41.19 a barrel, down 10 cents, or 0.2%.