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Mediterranean tanker rates at 11-year low as Europe refineries curb imports

Resumption of crude exports from Libya after eight-month blockade has not lifted cross-Mediterranean rates nor supported suezmax earnings

Black Sea-Med rates assessed as negative for four weeks. The reopening of larger oilfields in Libya saw production resume and reach above 300,000 barrels per day so far in October, and should be at 500,000 bpd in the coming weeks

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