Argentina continues to gain notoriety at a global level. It already proved it in 2024. It reported the highest energy surplus in the last 18 years: US$ 852 million. It accumulated 5668 million in the year due to a significant increase in the export line, together with a decrease in imports.
During the past year, fuel and energy exports rose by 22.3%, reaching US$ 9677 million. This amount represents 12.1% of the country’s total exports. In addition to this, the territory to which most energy was exported was Chile, for an amount of 2844 million dollars. This is 74.1% more than in 2023.
In particular, in December, exports totaled 1032 million dollars, of which 5473 million dollars were linked to the commercialization of petroleum oils. Imports totaled US$180 million. They translated into a 42.9% year-on-year loss. Today, the United States is knocking on Argentina’s door, with a check with many zeros.
Argentina registers a shocking number in Vaca Muerta: this time, the United States is also a protagonist
After reviving Vaca Muerta after 15 years, the focus is now on the role of the United States in this Argentine project. In a context in which oil prices are becoming unstable, marked by the war conflicts in the Middle East, Vaca Muerta boosted Argentina’s energy surplus to over 3 billion dollars.
Oil exports were a central axis. The United States was the main buyer of local crude oil between January and May of this year. There was almost a 13% increase in the volumes exported.
A context in which Argentina overcame the challenge of low prices in the belt. The sales of crude oil abroad, mainly from Vaca Muerta’s Medanito and, to a lesser extent, from Escalante, constituted an essential point of the energy balance. The INDEC’s Argentine Commercial Exchange Report (ICA) showed that the United States imported Argentine oil for 1039 million dollars in the period mentioned.
United States, a key player for Vaca Muerta and Argentina
The figure translates into an increase of almost 39% year-on-year. In addition, the data show that, in five months, the United States directed more than 52% of the foreign currency mobilized in 2024. Data from the National Energy Secretariat show that Argentine oil generation exceeded 754,000 barrels per day in May 2025. Considering that local refining is focused on 529,000 barrels per day, Argentina has a production of 230,000 barrels per day in exportable conditions.
The oil that arrives in the United States is exported to other countries in crude or refined form. The Vaca Muerta Oil Sur initiative to be set up in the San Matias Gulf in Rio Negro (the first phase will be inaugurated in 2026) will enable the mooring of large-scale oil tankers. This will also lead to the opening of new markets, such as the Asian market.
United States rises to prominence as local crude oil importer
Until 2024, the United States and Chile disputed every month the place of Argentina’s main oil importer. However, this year the United States has established itself as the main importer of local crude oil. The main reason is that shipments to the neighboring country are subject to shipments made by pipeline, unlike the rest that resort to exporting by ship.
The war in the Middle East has added pressure on prices. At the same time, Argentina is looking ahead with projects that will enable it to leapfrog exports. The United States has already crowned itself as a vital player for Argentina, a country that is also attracting the attention of other countries for this reason.