U.S. producer ConocoPhillips ( COP.N ) 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 a portion of lost exports by resuming shipping from the Caribbean. Conoco will suspend legal enforcement of the arbitration award as long as payments continue, spokesman Daren Beaudo said. He declined to say if payments would be made in cash or crude oil, adding […]