Argentina’s oil output hits 943,000 barrels per day in August 2026, with Vaca Muerta supplying 71% of national production

Argentina extracted 943,000 barrels of oil per day in August 2026, a 2.5% monthly increase and the fourth consecutive month above 900,000 barrels daily, according to the monthly Oil and Gas Argentina Indicators report compiled by Aleph Energy and Ecolatina in October. The figure represents a 14% year-on-year rise and pushes the country within 57,000 barrels of the symbolic one-million mark. Vaca Muerta, the Jurassic-Cretaceous shale formation beneath Neuquén, Mendoza, and Río Negro provinces, contributed approximately 670,000 barrels per day, or 71% of national output, up from 64% a year earlier. Unconventional production climbed 4.2% month-on-month, adding 27,100 barrels daily, while conventional output fell 1.3%, losing 3,600 barrels.

The Neuquén basin accounted for 751,000 barrels daily in August, 80% of the national total, with a 3.4% monthly gain. In contrast, the Gulf of San Jorge basin, historically a major producing region, declined 1.5% in the month and 8% year-on-year, underscoring the structural shift toward unconventional resources. YPF led operators with 340,000 barrels per day from unconventional blocks, with Bandurria Sur and Loma Campana driving incremental volumes. Vista Energy held 12% of unconventional output and Pluspetrol 11.5%. Shell’s production rose 43.7% year-on-year to 43,000 barrels daily.

Between January and August 2026, Argentina exported 82.3 million barrels of crude, 30.7% more than the same period in 2025. The United States absorbed 33.6% of export value, followed by Chile with 21.7%. Thailand, Australia, and China emerged as new buyers in 2026, a shift accelerated by the closure of the Strait of Hormuz in late February, which disrupted roughly 20 million barrels per day of global supply and forced Asian refiners to seek alternative sources outside the Middle East.

The energy trade surplus reached USD 11.071 billion over the 12 months through August, according to Fundación Libertad’s analysis of INDEC data. Monthly exports of fuels and energy totaled USD 1.494 billion in August, up 41.2% year-on-year due to higher prices and volumes. Imports amounted to USD 517 million, leaving a monthly surplus of USD 976 million. The energy balance now represents 45.3% of Argentina’s total merchandise trade surplus of USD 24.460 billion, the largest sectoral contribution on record. A July 2026 study by the Argentine Oil and Gas Institute estimated Vaca Muerta holds 30.17 billion barrels of recoverable reserves with current technology, 86% above the 2013 U.S. Energy Information Administration estimate of 16.22 billion barrels.

Natural gas production averaged 156 million cubic meters per day in August, down 1.9% month-on-month and 1.5% year-on-year, reflecting lower conventional output and seasonal demand patterns. The divergence between oil and gas underscores operator prioritization of liquid hydrocarbons amid favorable crude pricing.