Argentina's oil and gas sector has surged as the Iran‑related shock pushes global energy prices higher. Unconventional shale output from the Vaca Muerta basin now fuels record exports, turning the country into a net energy exporter for the first time since 2010. President Javier Milei’s deregulatory agenda has cleared the path for rapid investment and tax breaks.

Exports of oil and gas have helped the balance of trade swing from a 32 million‑barrel import shortfall in 2021 to a 76 million‑barrel surplus in 2024. Last month pipeline operator TGS committed a $3bn spend on new LNG processing capacity, while the overall trade surplus sits at roughly $2.5bn, bolstering foreign‑exchange reserves and stabilising the peso against the dollar.

Analysts credit the energy surge with underpinning Argentina’s modest macro recovery: JPMorgan cites the surplus as evidence of “economic momentum,” and BBVA forecasts 3 % growth in 2026. Though fiscal challenges and junk‑rated debt persist, the commodity windfall provides a tangible buffer against external shocks and supports Milei’s broader growth strategy.