Argentina’s energy balance shifts to surplus
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In less than three years, Argentina reversed its energy trade balance, now deriving 45.3% of its commercial surplus from energy exports.
As of December 2023, Argentina’s energy exports and imports differed by USD 41 million. By August 2026, this difference grew to USD 11.071 billion. This change represents an unprecedented proportion of the country’s total goods surplus, which reached USD 24.460 million over the last 12 months. Increased production in Vaca Muerta, a formation in Neuquén province, drove this shift.
Vaca Muerta now accounts for 71% of Argentina’s total oil production, up from 64% a year prior. Between January and August 2026, the country exported approximately 82.3 million barrels of oil, a 30.7% increase compared to the same period in 2025. Global events also played a role. The closure of the Strait of Ormuz in February, disrupting a major oil supply route, prompted Asian refiners to seek alternative suppliers.
Argentina responded by increasing exports to countries like Thailand, Australia, and China, in addition to its traditional markets in the United States and Chile. The country expects to further expand its export capacity with the planned opening of the Vaca Muerta Oil Sur pipeline in early 2027, which will allow for larger shipments.
