Home · Business · Oct 7 archive
Argentina Industrial Output n.s.a (YoY): -3.2% (August) vs -4.9%
Confirmed
In Short: Despite the oil sector's success, Argentina's broader industrial output has declined sharply since President Javier Milei took office, with local companies closing at an alarming rate.
Argentina's oil and gas sector is experiencing a generational boom, driven by the Vaca Muerta shale, according to Oilprice.
Government data shows that conventional oil production in July 2026 was 2% lower than the previous month and 13% less year over year, indicating a 50% decline from a decade ago.
However, shale oil now comprises a record 72% of Argentina's total petroleum output, with production reaching 902,920 barrels per day, marking the country's highest oil production on record.
Natural gas production has also expanded strongly, although it slipped 0.5% month over month and 1.6% year over year in July to average 5.6 billion cubic feet per day.
The Vaca Muerta shale, located in northern Patagonia in Neuquén Province, is the driving force behind this boom.
Continental Resources, the pioneering shale driller founded by billionaire Harold Hamm, joined Phoenix Global Resources in bidding for acreage in the Vaca Muerta's August 2026 licensing round held by Neuquén province.
Meanwhile, the USD/JPY pair is near a one-and-a-half-week high of 158.50 in the Asian session, with bulls awaiting a move beyond the 200-day SMA hurdle.
Gold has regained some balance, returning to the area above the key $4,100 mark per troy ounce following the closing bell in Europe.
Altcoins are generally in a correction trend, with Ethereum edging lower toward the next key support at $2,600 and Ripple extending its down leg near the $1.45 demand area.
AUD/USD is struggling to capitalize on its recent recovery move and trades with a negative bias below 0.7000 in Wednesday's Asian session.
What this adds
Argentina's oil boom contrasts with the country's broader economic struggles, as indicated by the decline in industrial output.
Background
Norway's August manufacturing output dropped to -0.4%, reflecting lower gas production and mixed oil output figures.
German industrial production for August exceeded forecasts, rising 2% month-over-month.
What's confirmed
- Argentina's oil and gas sector is experiencing a generational boom, driven by the Vaca Muerta shale, according to Oilprice.
- Government data shows that conventional oil production in July 2026 was 2% lower than the previous month and 13% less year over year, indicating a 50% decline from a decade ago.
- However, shale oil now comprises a record 72% of Argentina's total petroleum output, with production reaching 902,920 barrels per day, marking the country's highest oil production on record.
- Natural gas production has also expanded strongly, although it slipped 0.5% month over month and 1.6% year over year in July to average 5.6 billion cubic feet per day.
- The Vaca Muerta shale, located in northern Patagonia in Neuquén Province, is the driving force behind this boom.
- Continental Resources, the pioneering shale driller founded by billionaire Harold Hamm, joined Phoenix Global Resources in bidding for acreage in the Vaca Muerta's August 2026 licensing round held by Neuquén province.
- Meanwhile, the USD/JPY pair is near a one-and-a-half-week high of 158.50 in the Asian session, with bulls awaiting a move beyond the 200-day SMA hurdle.
- Gold has regained some balance, returning to the area above the key $4,100 mark per troy ounce following the closing bell in Europe.
- Altcoins are generally in a correction trend, with Ethereum edging lower toward the next key support at $2,600 and Ripple extending its down leg near the $1.45 demand area.
- AUD/USD is struggling to capitalize on its recent recovery move and trades with a negative bias below 0.7000 in Wednesday's Asian session.
What's still developing
- Bitcoin’s correction follows a recent rejection due to supply around $87,200.
- It provides a purely journalistic approach to the Forex market.
- Find independent, trusted reviews and choose your perfect broker.
- As Oilprice’s South America correspondent, I cover Colombia (where I currently live), Venezuela, Ecuador, Peru, Brazil, Argentina, Chile, Bolivia, Paraguay, Guyana, Suriname and Uruguay.
- I… Argentina's controversial right-wing president, Javier Milei, slashed inflation with a brutal dose of economic austerity, but this came at a steep social cost.
- Industrial output, since Milei took office, has declined sharply, with local companies closing at an alarming rate.