Argentina logs energy trade surplus in first half of 2024
BUENOS AIRES, July 23 (Reuters) -Argentina exported more energy than it imported in the first half of this year, the government said on Tuesday, with massive investments in infrastructure from previous governments beginning to pay off.
The South American country logged an energy trade surplus of $2.76 billion in the first six months of 2024, presidential spokesman Manuel Adorni said in a daily press conference, "something not seen in 14 years, with the exception of a brief period during the pandemic."
Argentina is betting on Vaca Muerta, the world's second-largest shale gas reserve and fourth-largest shale oil reserve, to turn the South American country into an energy powerhouse and curb dependence on costly imports.
The governments of center-right former President Mauricio Macri and his center-left successor, former President Alberto Fernandez, invested heavily in building up infrastructure at Vaca Muerta, including far-reaching pipelines run by state oil company YPF.
Over the past decade, Argentina racked up an energy deficit of around $30 billion, according to Adorni.
Reporting by Kylie Madry and Nicolas Misculin in Buenos Aires; Editing by Paul Simao
Latest News
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.
