Shale Oil Now Makes Up 72% of Argentina's Crude Output, Data Shows
Continental Strikes Venezuela Oil Deal with PDVSA As Oilprice’s South America correspondent, I cover Colombia (where I currently live), Venezuela, Ecuador, Peru, Brazil, Argentina, Chile, Bolivia, Paraguay, Guyana, Suriname and Uruguay.
I… Argentina's controversial right-wing president, Javier Milei, slashed inflation with a brutal dose of economic austerity, but this came at a steep social cost.
Thecost of living is spiraling higher, fueling household debt, loan delinquencies, and economic hardship.
Industrial output, since Milei took office, hasdeclined sharply, with local companies closing at an alarming rate.
While parts of theeconomy are falling into chaos, Argentina's oil and gas sector is experiencing a generational boom driven by the Vaca Muerta shale.
Argentina's vital hydrocarbon sector continues to surge, with oil production hitting yet another record in July 2026.
Output reached 902,920 barrels per day, almost 1% above June and 12% higher than a year earlier, marking the country's highest oil production on record.
Natural gas production has also expanded strongly, although output slipped 0.5% month over month and 1.6% year over year in July to average 5.6 billion cubic feet per day.
That modest setback barely dents the bigger picture: economically crucial gas production has surged 21% over the past five years.
It is the ongoing and growing exploitation of the Vaca Muerta shale, situated in northern Patagonia in Neuquén Province which is responsible for Argentina's booming oil and natural gas complex.
For July 2026, shale oil production rose by 1.2% month over month and a whopping 26% year over year to an all-time high of 648,347 barrels per day.
As a result, shale oil now comprises a record 72% of Argentina's total petroleum output.
| Product | Price | Change |
|---|---|---|
| Brent Crude | $102.14/bbl | +0.34% |
| WTI Crude | $96.90/bbl | +0.21% |
| EN590 Diesel | $846/MT | +0.18% |
| Jet Fuel A-1 | $1090/MT | +0.55% |
| Mazut M100 | $450/MT | -0.15% |
| Bitumen 60/70 | $470/MT | +0.08% |
| Sulphur Gran 99.5% | $470/MT | -0.44% |
| Urea 46% Gran | $650/MT | +1.12% |
| NPK 16-16-16 | $460/MT | -0.28% |
| Nat Gas TTF | $15.42/MMBtu | +0.92% |
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