ConocoPhillips settles with Venezuela's PDVSA to recover $2 billion

By Nivedita Bhattacharjee and Marianna Parraga(Reuters) - 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. Venezuela's crude production, a major source of revenue, has fallen to a six-decade low this year as lack of cash for investment, recession and hyperinflation pushed the OPEC-member country's economy to near collapse. The agreement could restore at.....

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