Argentina Oil: Production, Reserves & Role in the Market
Argentina Argentina's oil output has surged to an all-time high, and almost all of the growth is coming from one shale formation in Patagonia — Vaca Muerta, now supplying over two-thirds of national production and drawing tens of billions of dollars in new investment.
Key Figures
| Measure | Value | As of / source |
|---|---|---|
| National production, May 2026 | About 887,000 b/d, an all-time high | Argentina energy ministry data / industry reporting |
| Vaca Muerta output, April 2026 | About 619,000 b/d, an all-time high — roughly 71% of national output | Industry reporting |
| Leading operator | YPF (state-controlled), the largest acreage holder and producer in Vaca Muerta | YPF |
| YPF investment plan | About $40 billion budgeted 2025–2030, including $6 billion in 2026 alone | YPF |
| 2030 targets | YPF projects roughly 2.1 million barrels of oil equivalent a day company-wide by 2030; analysts expect national crude output of 1–1.5 million b/d by 2030 | YPF; industry estimates |
Rankings and comparisons: world production & consumption · reserves by country · biggest oil companies.
The Vaca Muerta Shale Boom
Why now
- Vaca Muerta was discovered over a decade ago, but high upfront costs, capital controls and policy instability slowed its development for years relative to US shale plays of similar scale.
- A more stable regulatory and investment framework in the 2020s, combined with new export pipeline and processing capacity, has let output accelerate sharply since 2023.
- National production is expected to reach 1 million barrels a day before the end of 2026, a threshold that would put Argentina among the more significant oil exporters in the Western Hemisphere.
What to watch
- YPF's pace of investment and whether it can sustain roughly $6 billion a year of Vaca Muerta spending through the rest of the decade.
- Export infrastructure — pipeline and port capacity out of Patagonia — as the physical constraint on how fast growth can continue.
- Whether Argentina's broader macroeconomic and currency stability holds, since large foreign-backed shale investment is sensitive to policy risk.
US Trade with Argentina
| Flow | Latest month | Share of US total | vs year ago | Month |
|---|---|---|---|---|
| US crude imports from Argentina | 126 kb/d | 2.0% | −31.5% | July 2026 |
| US distillate fuel oil exports to Argentina | 16 kb/d | 0.9% | −70.4% | July 2026 |
EIA monthly trade statistics, thousand barrels a day. Full rankings: US crude imports by country and US fuel exports by country.
Oil Companies Operating in Argentina
| Company | Type | Ownership |
|---|---|---|
| YPF | National oil company (state-owned or state-controlled) | The Argentine state, through the Ministry of Economy, holds 51% of the capital (200,589,525 Class D shares) per YPF's FY2024 Form 20-F; the rest floats, with ADRs about 30.9% of Class D shares. |
From the oil company directory: companies with material producing operations here or headquartered here, hand-curated from company filings.
Argentina Oil FAQ
How big is the Vaca Muerta shale formation?
It is one of the largest shale oil and gas formations in the world, located in Patagonia's Neuquén Basin. It now supplies roughly 71% of Argentina's total crude oil output, a share that has climbed steadily as new wells and export capacity have come online.
Is Argentina becoming a major oil exporter?
It is heading that way. National output hit an all-time high of about 887,000 barrels a day in May 2026 and is expected to cross 1 million barrels a day before the end of the year, with some analysts projecting 1 to 1.5 million barrels a day by 2030 if investment continues at its current pace.
Does the United States import oil from Argentina?
Yes. The EIA recorded about 126 thousand barrels a day of US crude imports from Argentina in July 2026, 2.0% of the 6,224 thousand b/d the US imported in total, −31.5% on a year earlier.
Does the United States export fuel to Argentina?
Yes. In July 2026 the EIA recorded US exports to Argentina of about 16 thousand b/d of distillate fuel oil.
Which oil companies operate in Argentina?
The oil company directory lists YPF with producing operations in Argentina. See the directory for who owns each company and which basins it works.