Argentina’s shale boom fuels regional energy shift as global oil prices rise from Iran conflict

Argentina’s Vaca Muerta formation, containing over 16 billion barrels of oil and 600 trillion cubic feet of natural gas, is attracting major investment and positioning the country as a leading shale producer in South America. The surge in development is reshaping the region’s energy map and could make Argentina a key player in the global oil market.

The closure of the Strait of Hormuz amid the Iran conflict has pushed crude, refined product and LNG prices higher worldwide. Exporters such as Brunei, Oman, Angola and Gabon have boosted shipments, while Argentina’s crude exports reached a record 9.89 million barrels in May, more than double its February volume, benefitting from the price uplift.