Oil production hits records in Argentina and Venezuela

Argentina reached a historic oil production record in August 2026, producing 943,000 barrels per day. This growth was driven by the Vaca Muerta unconventional developments, which now account for over 70% of national production. This surge contributed to an energy surplus of $11.071 billion over the last 12 months, representing 45.3% of Argentina's total trade surplus.

In contrast to the oil record, natural gas production saw a monthly decline of 1.9% due to seasonal demand and lower conventional extraction. Between July 2023 and July 2026, the mining and oil sectors grew by 30.2%, significantly outpacing the broader Argentine economy's growth of 0.9%.

Meanwhile, Venezuela's oil production averaged 1.206 million barrels per day in September 2026, according to OPEC. This represents an increase of 5,000 barrels compared to August and a significant rise from the 2025 annual average of 1.081 million barrels per day. The Venezuelan Merey crude averaged $93.75 per barrel during the month.