Argentina is producing oil and gas like never before, helping make crude the country’s leading export for the first time, though worries persist that the economy is running along two tracks. President Javier Milei made exploiting the Vaca Muerta field — believed to hold billions of barrels of oil — a key campaign promise, saying it could be an economic “panacea.”
Investors, including US billionaire Peter Thiel, have piled in, helping drive a surge in output. However, critics question whether the project can catalyze the rebirth of Argentina, once one of the world’s richest countries. Consumption declined last year and consumer sentiment has worsened, tanking Milei’s popularity as he gears up for a reelection bid next year.
