U.S. producer ConocoPhillips on Monday said Venezuela’s PDVSA agreed to pay $2 billion to settle an arbitration award, suspending a dispute that blocked the state-run oil firm from exporting crude from most of its key Caribbean facilities. The case relates to the nationalization of Conoco assets dating back over a decade in Venezuela. An international court ruled in favor of ConocoPhillips in April and ordered PDVSA to pay. But no payment has been forthcoming, leading Conoco to seize most of PDVSA’s Caribbean assets as it sought to enforce its claim. The settlement means that ConocoPhillips will suspend the legal enforcement,… Read more