Argentina posts biggest energy surplus in decades on shale push

Argentina posted its biggest annual energy trade surplus in at least 33 years amid booming oil and gas production in the Vaca Muerta shale patch.

In 2025, exports outstripped imports to the tune of US$7.8 billion, according to the country’s Energy Department, which said it was a record year for both the surplus and exports. Official data going to 1992 is tracked by Buenos Aires consultancy firm Empiria.

Shale dollars are key to President Javier Milei’s efforts to turn around Argentina’s crisis-prone economy. His deregulation is luring investments, including in the past few weeks from US shale billionaire Harold Hamm.