Argentina recorded its largest energy trade surplus in 18 years in 2024, a significant milestone for President Javier Milei’s administration, which has prioritized oil and gas exports to revitalize the country’s struggling economy.
According to the energy secretariat, the nation exported $9.68 billion worth of fuel and energy last year while importing $4.01 billion, resulting in a surplus of $5.67 billion. This robust performance highlights the growing impact of Argentina’s Vaca Muerta shale formation, one of the world's largest unconventional oil and gas reserves.
President Milei, a libertarian who took office in December 2023, has made energy exports a cornerstone of his economic recovery strategy. He has pledged to liberalize the sector, attract foreign investment, and reduce the government’s role in the economy, viewing energy as a key driver to tackle inflation, debt, and recession.
The record surplus underscores Argentina’s potential as a regional energy powerhouse, with analysts noting increased pipeline capacity and LNG export projects as pivotal to sustaining this momentum. However, Milei faces challenges, including global energy price volatility and domestic opposition to his deregulatory policies.
With the energy sector showing promise, Milei’s administration is banking on the surplus to bolster foreign currency reserves and stabilize the peso, offering a glimmer of hope for Argentina's embattled economy.
