Overview

• Argentina recorded a $3.7 billion energy trade surplus in the first half of 2025, according to CEPH.
• Absent the energy surplus, the national trade balance would have swung to a $972 million deficit in H1.
• Hydrocarbon exports climbed 11 percent, driven by a 10 percent rise in natural gas shipments and crude exports that reached 371,000 barrels per day in June.
• Increased output from Vaca Muerta and recent gas and oil pipeline expansions contributed to a 39 percent drop in energy imports.
• CEPH projects a full-year energy surplus above $6 billion for 2025 and warns that each $10 drop in crude prices could reduce producer revenues by about $2.8 billion annually.