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The Houston-based energy corporation, ConocoPhillips, has started seizing PDVSA assets in efforts to collect on an award by the International Chamber of Commerce (ICC) over the 2007 nationalization of its ventures in Venezuela. CEO, ConocoPhillips, Ryan Lance has implied that the organization intends on to intensify the seize process against PDVSA across the globe. This move has upset fuel distributions throughout the Caribbean, the effect which the company wants to minimize.
As reported by Reuters, the price of West Texas Intermediate (WTI) crude rose above $70 a barrel on Monday for the first time since late 2014. Analysts have suggested the continued collapse of the Venezuelan oil industry as the prime reason for the lift in prices and another being the possible re-imposition of sanctions on Iran.