PdVSA, Venezuela’s state-owned oil producer, has stopped using storage in the Caribbean in response to a court case brought by ConocoPhillips. That’s an unwelcome disruption to PdVSA’s operations that had already been in decline due to underinvestment in production. While there was a marked rebound in volumes shipped from Venezuela to the U.S. in April – up 120% vs. February’s historic low – that was only inline with the year earlier level. ConocoPhillips’s U.S. oil production business would benefit from disruptions to PdVSA’s Citgo refinery operations in the U.S., which relied ...