Argentina's Vaca Muerta Hits Record 400,000 bpd Oil Production, 35% Increase, Amid Central Bank Reserves of $31.48 Billion

Nov 29, 2024, 06:05 PM

Argentina's oil production has reached a historic high, with the Vaca Muerta shale formation achieving a record output of 400,000 barrels per day (bpd) in the third quarter of 2024. This figure, reported by consultancy Rystad, marks a 35% increase compared to the same period last year. The surge in production has been attributed to improved productivity and evacuation capacity, and it is projected that Vaca Muerta could reach 1 million bpd by 2030. Additionally, the Central Bank of Argentina reported a record level of reserves under President Javier Milei, reaching $31.48 billion following the purchase of $227 million in foreign currency, the highest level since June 21, 2023.