Argentine President Javier Milei said on Monday that Argentina is close to reaching 1 million barrels of oil production per day, a milestone he linked to growth in the Vaca Muerta shale region and to his government’s deregulation drive.
Record output cited
“Today, for the first time in history, we find ourselves a few steps away from the million barrels per day,” Milei said. He said Vaca Muerta averaged about 310,000 barrels per day in 2023 and reached 670,000 barrels per day in August 2026.
National oil production, he said, rose from roughly 635,000 barrels per day in 2023 to 932,000 barrels per day in August 2026. Milei described the latter figure as a historical record, above the previous peak reached in 1998.
Exports and deregulation
Milei also pointed to exports. Average Argentine oil exports stood at 128,000 barrels per day in 2023, he said, and climbed to almost 330,000 barrels per day in July 2026. He attributed the gains to deregulation measures and said the government intends to reach 18,000 deregulations by the end of the month.
The remarks came as Brent crude for December delivery settled at $109.55 a barrel on the Intercontinental Exchange in London, down 0.31 dollars, or 0.28 percent, on the session.
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