ConocoPhillips, Venezuela's PDVSA reach $2 bln settlement

By Marianna Parraga and Nivedita Bhattacharjee(Reuters) - U.S.

producer ConocoPhillips and Venezuela's PDVSA have reached a payment agreement on a $2-billion arbitration award, the companies said, suspending a dispute that blocked the state-run firm from exporting oil 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 investment, recession and hyperinflation pushed the OPEC-member country's economy to near collapse. The settlement could restore.....

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