While the oil market is understandably on edge about the potential supply outages in Iran, there are real outages going on in Venezuela, losses that could grow significantly worse in the near future. ConocoPhillips’ decision to go after some assets owned by PDVSA could spell deeper trouble for the oil company and for Venezuela. In April, Conoco was awarded $2 billion in compensation by international arbitration related to the 2007 expropriation of oil projects by the Venezuelan government. Wasting no time, Conoco moved to take over a string of assets held by PDVSA in the Caribbean earlier this week. Conoco has gone after a 10-million barrel storage and transshipment facility on the island of Bonaire and storage facilities on the islands of Curacao and Aruba, all of which are just off of Venezuela’s coast. As Argus Media notes , PDVSA’s oil facilities on the Caribbean islands have grown in […]