Argentina’s shale output is up 28% year-on-year as the country’s pivot to become an energy supplier — rather than buyer — gathers pace. Shale now represents 71% of Argentina’s total production of both oil and gas, and crude has overtaken corn and soy to become its top export; Buenos Aires had a record energy surplus of $7.8 billion last year, after becoming a net exporter in 2024.
The rise of shale and the development of the Vaca Muerta fields began the shift, but geopolitical factors have accelerated it: The Iran war has driven oil prices up and disrupted Middle Eastern exports, making alternative suppliers more attractive and lucrative. Brazil, Guyana, the US, and Venezuela have all seen income from oil rise.