Argentina Crude Oil Export Data: Vaca Muerta Boom, U.S. Trade Deal, and Where the Oil Goes

Key Takeaways

Argentina's crude oil exports (HS Code 2709) surged in 2025 as record Vaca Muerta shale production transformed the country into Latin America's fastest-growing oil exporter.

• Total value: $46.53B across 4,300 shipments, up 13.4% year-over-year in value and 26.7% in frequency — the volume-price divergence signals rapid export growth combined with lower per-unit pricing.
• Destination concentration: The U.S. (43.8%) and Chile (38.1%) absorbed over 80% of Argentina Crude Oil Export value, creating a dual-hub dependency.
• All exports classified under a single sub-code (HS 270900), reflecting undifferentiated bulk crude — predominantly Medanito, a light sweet grade from the Neuquén Basin.
• Policy shift: The U.S.–Argentina Agreement on Reciprocal Trade and Investment (ARTI), signed February 2026, caps reciprocal tariffs and removes them on certain natural resources, directly affecting HS 2709 trade flows going forward.

This overview covers January–December 2025 and is based on verified customs data from the yTrade database.

Argentina Crude Oil Exports in 2025: Value Growth Meets Margin Pressure

Argentina Crude Oil Export data for 2025 shows $46.53 billion in total value across 4,300 shipments. The year-over-year numbers reveal a production boom with pricing headwinds:

• Value: +13.4% ($46.53B vs. $41.04B in 2024)
• Weight: +36.8% (42.70B kg vs. 31.22B kg)
• Frequency: +26.7% (4,300 vs. 3,390 shipments)
• Average unit price: -17.1% ($1.09/kg vs. $1.31/kg)

The divergence between volume growth (36.8%) and value growth (13.4%) tells the story: Argentina is exporting significantly more crude, but at lower prices per kilogram. This pattern is consistent with the global oil price trajectory in 2025, where Brent crude averaged lower than in 2024, and with Argentina's rapid production expansion outpacing its ability to command premium pricing for its relatively undifferentiated Medanito grade.

Table: Argentina Crude Oil Export Value, Weight, and Frequency (Source: yTrade)

Metric	2025	2024	YoY Change
Total Value	46.53B USD	41.04B USD	+13.38%
Total Weight	42.70B kg	31.22B kg	+36.80%
Frequency	4.30K	3.39K	+26.72%
Avg Unit Price	$1.09/kg	$1.31/kg	-17.12%

Why Are Argentina's Crude Oil Exports Growing So Fast?

The answer is one word: Vaca Muerta. The 8.6-million-acre shale formation in Neuquén Province has gone from early testing in 2012–2013 to becoming the backbone of Argentina's energy sector, now responsible for approximately 69% of the country's total oil production as of November 2025. It is the only shale formation outside the United States currently producing significant volumes of crude oil using hydraulic fracturing.

Key production milestones in 2025:

• Record output: Argentina's crude production hit 857,700 barrels per day in November 2025, a level not seen since the early 2000s
• Shale oil dominance: Unconventional production reached 578,461 b/d in November, up 30.7% YoY, now comprising 69% of total output
• YPF leads: The state-run company produced 397,420 barrels of crude oil daily in November — 47% of national output, with 79.5% from shale operations
• Export volumes up: Argentina exported an average of 180,000 b/d in H1 2025, up 17% from 154,000 b/d in 2024
• Global ranking: Argentina is now Latin America's fourth-largest crude oil producer, behind Brazil, Venezuela, and Guyana

The crude itself is attractive for global refiners. Vaca Muerta oil is light (API gravity 39–42°) and sweet (sulfur content below 0.5%, as low as 0.1%), making it well-suited for refining into high-quality, low-emission fuels. According to McKinsey, the formation produces just 15.8 kg of CO₂ per barrel lifted — well below the global average of 23 kg. YPF's lifting costs for Vaca Muerta operations average $4.60 per barrel, with breakeven at $40–45/barrel.

But the production boom faces a critical constraint: takeaway infrastructure. Most Argentine crude currently ships via smaller Panamax, Aframax, and Suezmax carriers, which limits competitiveness in Asian markets. Two pipeline projects are set to change this:

• Vaca Muerta Norte Oil Pipeline: Already operational, connecting the formation to Chile and the existing export network
• Vaca Muerta Oil Sur (VMOS): A $3 billion pipeline led by YPF, building 550,000 b/d capacity to a new Atlantic Coast terminal at Punta Colorada (Río Negro). Due to start at 180,000 b/d in 2026, reaching full capacity by July 2027. The terminal will accommodate VLCCs, opening Asian markets for the first time.

The EIA forecasts Argentina's crude production at 810,000 b/d in 2026, with industry projections of 1–1.5 million b/d by 2030. Government targets project energy exports reaching $17 billion in 2026.

What Grade of Crude Oil Does Argentina Export?

Argentina's 2025 crude oil exports were classified entirely under a single sub-code: HS 270900 — Petroleum oils and oils obtained from bituminous minerals, crude, at $46.53 billion (100% of HS 2709 value).

This 100% concentration in a single, generic classification means there is no tariff-level differentiation between crude grades in the export data. The dominant exported grade is Medanito, a light sweet crude from the Neuquén Basin. Medanito exports reached 131,000 b/d in H1 2025, up 12% from 117,000 b/d in 2024.

For traders and analysts, the single-code structure means that deeper product differentiation — API gravity, sulfur content, blending characteristics — must be inferred from origin, buyer, and port data rather than HS classification alone.

Table: Argentina HS Code 2709 Export Breakdown (Source: yTrade)

HS Code	Product Description	Value	Weight	Frequency	Value Ratio
270900	Petroleum oils and oils obtained from bituminous minerals, crude	46.53B	42.70B kg	4.30K	100.00%

Where Does Argentina's Crude Oil Go?

Argentina's crude oil exports in 2025 were heavily concentrated in two markets that together absorbed over 80% of total value. The destination mix reflects geographic proximity, refinery demand, and pipeline connectivity.

Top Destinations

• United States ($13.31B, 43.8%) — The dominant buyer. U.S. Gulf Coast refineries are well-suited for light sweet crude like Medanito. The ARTI agreement signed in February 2026 removes reciprocal tariffs on certain natural resources and caps others at 10%, which should sustain or expand this trade lane.
• Chile ($11.58B, 38.1%) — Driven by proximity and the Vaca Muerta Norte pipeline. Chile has limited domestic crude production and relies on imports for its ENAP refining system.
• Uruguay ($1.28B, 4.2%) — Serves ANCAP's La Teja refinery in Montevideo and possible bunkering demand at the port.
• Brazil ($940M, 3.1%) — A supplementary source for Brazilian refineries, complementing the country's massive domestic output. The small share suggests Argentina competes on logistics rather than volume.
• United Arab Emirates ($894M, 2.9%) — Likely a trading hub. UAE's Fujairah storage complex is a global bunkering and blending center where Argentine crude may be re-exported or blended for Asian markets.

What the Destination Mix Reveals

The 82% concentration in two markets is both a strength and a vulnerability. It reflects efficient logistics, but exposes Argentina to demand shocks from either buyer. The VMOS pipeline, which will enable VLCC loading by 2027, is specifically designed to open Asian markets and diversify the buyer base. Until then, the U.S. and Chile remain the anchors of Argentina's HS 2709 trade.

Table: Argentina Crude Oil Top Destination Countries (Source: yTrade)

Country	Value	Weight	Frequency	Value Share
UNITED STATES	13.31B	13.00B kg	1.02K	43.8%
CHILE	11.58B	10.41B kg	895	38.1%
URUGUAY	1.28B	1.14B kg	40	4.2%
BRAZIL	940.38M	872.26M kg	541	3.1%
UNITED ARAB EMIRATES	894.41M	985.67M kg	13	2.9%

How Will the U.S.–Argentina Trade Deal Affect Crude Oil Exports?

On February 5, 2026, the United States and Argentina signed the Agreement on Reciprocal Trade and Investment (ARTI), a comprehensive deal covering tariffs, market access, and economic security cooperation. For HS 2709 crude oil, the key provisions:

• Reciprocal tariff removal on natural resources: The U.S. will remove reciprocal tariffs on certain unavailable natural resources from Argentina
• Tariff cap: All other Argentine-origin goods face a maximum additional duty of 10% above MFN rates
• Energy cooperation: Both countries committed to promoting bilateral energy trade and reducing reliance on imports from non-market actors
• Effective date: 60 days after both countries complete domestic legal procedures

The deal was the first finalized under the Trump administration's framework agreements with Latin American countries, reflecting the Milei-Trump political alignment. The U.S. will also eliminate reciprocal tariffs on 1,675 Argentine products, increasing Argentine export revenue by over $1 billion according to Argentina's Foreign Ministry.

For crude oil traders, the practical effect is a more predictable and favorable tariff environment for Argentine crude entering the U.S. — a significant development given that 43.8% of HS 2709 exports flow there. Combined with the VMOS pipeline (2026–2027), the RIGI investment incentive regime, and Milei's broader economic reforms, Argentina's crude oil export trajectory points decisively upward.

To track Argentina's crude oil trade flows, destination shifts, and volume trends in real time, explore HS code 2709 data on yTrade.

Frequently Asked Questions

How much crude oil did Argentina export in 2025 (HS Code 2709)?

A: Argentina exported $46.53 billion in crude oil (HS 2709) across 4,300 shipments in 2025, a 13.4% increase in value year-over-year. The growth was driven by record production from the Vaca Muerta shale formation, which lifted national output to approximately 857,700 barrels per day by November 2025.

What type of crude oil does Argentina export?

A: All exports were classified under HS 270900 (crude petroleum oils). The dominant physical grade is Medanito, a light sweet crude (API 39–42°, sulfur below 0.5%) from the Neuquén Basin. Its low carbon intensity (15.8 kg CO₂ per barrel, per McKinsey) and refining-friendly characteristics make it attractive to Gulf Coast and South American refiners.

Who are the main destination countries for Argentina's crude oil?

The United States (43.8%) and Chile (38.1%) together absorb over 80% of value. Uruguay (4.2%), Brazil (3.1%), and the UAE (2.9%) are secondary. The Vaca Muerta Oil Sur pipeline, expected in 2027, will enable VLCC loading and open Asian markets for the first time.

How does the U.S.–Argentina ARTI trade deal affect crude oil shipments?

The agreement signed February 2026 removes reciprocal tariffs on certain natural resources and caps others at 10% above MFN rates. This creates a more predictable and favorable environment for Argentine crude entering the U.S., which already absorbs nearly 44% of HS 2709 exports.

Why did Argentina average crude oil export price drop 17% in 2025?

Two factors: lower global oil prices and disproportionate volume growth. Export weight rose 36.8% while value grew 13.4%, reflecting Argentina's rapid Vaca Muerta production expansion pushing more barrels to market during a period of softer pricing.

What is the outlook for Argentina's crude oil exports?

The EIA forecasts production at 810,000 b/d in 2026, with industry projections of 1–1.5 million b/d by 2030. The VMOS pipeline ($3B, 550,000 b/d capacity) will unlock Asian demand from 2027. Government targets project energy exports reaching $17 billion in 2026, up from ~$11 billion in 2025.