Argentina Sets New Energy Trade Surplus Record in May

Argentina has set a new record in its energy trade balance, achieving a surplus of $1.395 billion in May. This figure marks a substantial increase from the $254 million surplus recorded in May of the previous year, representing a 448.6% year-on-year growth.

The record surplus was fueled by a surge in oil exports, which reached $1.172 billion, a 321.9% increase compared to May 2025. Simultaneously, fuel imports plummeted by 40.8% to $166 million. Notably, Argentina imported no gasoline in May and reduced diesel imports by 90% compared to the previous year.

This achievement surpasses the previous historical record of $1.248 billion set in April. For the first five months of the year, Argentina's energy balance has accumulated a surplus of $4.686 billion, an 86.2% increase from the same period in 2025. Exports grew by 45.7% to $5.344 billion, while imports fell by 42.9% to $658 million.

Argentina's return to an energy surplus began in 2024, reversing a trend of negative balances since 2011, with the exception of the pandemic-affected year 2020. The primary driver behind this turnaround is the escalating activity in the Vaca Muerta formation, a vast unconventional hydrocarbon reserve in southwestern Argentina. This formation, the world's second-largest unconventional gas reserve and fourth-largest unconventional oil reserve, has attracted significant investment since its exploration began in 2013.