Argentina Energy Trade Surplus

Argentina's energy trade surplus reached US$1.6 billion in September 2026, covering 53.8% of the national trade surplus.

Energy Exports Surge

Fuel and energy exports rose 89.1% to US$1.781 billion from a year earlier, with crude oil at US$1.127 billion.

Fuel Imports Remain Low

Fuel and lubricant imports totaled US$181 million, up 3.5% from a year earlier, with no diesel or gasoline purchased abroad.

US Dominates Energy Buyers

The United States accounted for US$3.046 billion of Argentine energy exports from January to September 2026, the largest share.

Nine Months of Surplus

Argentina's energy trade surplus reached US$9.427 billion from January to September 2026, exceeding the entire 2025 surplus by US$1.612 billion.

Vaca Muerta Shale Region

Neuquén Province shipped US$1.003 billion of energy exports in September, representing 56.3% of the national total.

Oil Output Growth

Argentina's oil output averaged 939,422 barrels per day in September 2026, up 14% from a year earlier.

President Milei's Statement

President Javier Milei stated Argentina is 'a few steps' from one million barrels per day, with Vaca Muerta supplying 71% of oil output.

“a few steps”

End of Barril Criollo

Milei credited the end of the 'barril criollo' domestic crude pricing scheme for ending annual energy trade deficits of up to US$5 billion.

“barril criollo”

Investor Impact

Investors in YPF shares and Argentine bonds see a firmer source of dollar income from the energy surplus.

Pipeline Development

The Vaca Muerta Oil Sur pipeline is expected to open in early 2027, carrying 190,000 barrels per day from Neuquén to Punta Colorada.

Price Volatility Risk

Industry voices warn the current high oil prices may not last, and a price drop could shrink export values despite growing volumes.

What's Next

The next INDEC trade report will show whether energy continues to supply about half of Argentina's national trade surplus.