Argentina oil production hits near-decade high in December

That production was the most since October 2012, driven by higher output in the huge Vaca Muerta shale formation, which was up 64% versus a year earlier as the South American country bounces back from the impact of the COVID-19 pandemic.

"This record oil production really underscores the geological quality of Vaca Muerta," provincial governor Omar Gutiérrez said. Production of gas in December reached 129 million cubic meters per day, driven by the government's so-called Gas Plan to rev up output, which promoted investments in the sector. Unconventional gas production represented 52% of the total.

Argentina fell back into an energy deficit in 2021 due to the impact of the pandemic and analysts expect the country to post another deficit this year.