Argentina posts record energy trade surplus for first half of 2026

Argentina’s energy trade surplus reached $6.987 billion in the January–June 2026 period, the largest ever recorded for a first half. The surplus represents an 87 % increase over the same period a year earlier.

More than 70 % of the gain stemmed from a surge in domestic production, driven largely by the Vaca Muerta shale basin, which now accounts for over 68 % of the country’s oil output and 67 % of its gas output. Exports of fuels and energy rose 52 % year‑on‑year to $8.118 billion, while imports of fuels and lubricants fell 29 % to their lowest level since 2007.

Energy now makes up over 15 % of total Argentine exports, the highest share in two decades. Officials project year‑end energy exports could exceed $12 billion, potentially reaching $18.5 billion once new infrastructure such as the VMOS pipeline and other RIGI‑approved projects become fully operational. In May, crude production hit a historic 903,700 bbl/day, a 19.6 % rise, with 69 % sourced from Vaca Muerta. Seventy‑nine percent of the surplus derives from higher export volumes and twenty‑one percent from higher international oil prices, which were influenced by geopolitical tensions in the Middle East.