Key facts
- Argentina's Vaca Muerta shale oil reserves have nearly doubled.
- Argentina's recoverable shale oil and condensate reserves now stand at 30.1 billion barrels.
- Argentina is positioned as a principal oil producer in South America.
- US oil and gas drilling contractors and OCTG producers anticipate higher oil prices.
- US drilling activity is expected to increase in the second half of 2026.
- The US-Iran war is cited as a driver for increased oil prices and drilling activity.
- Venezuela's PdV Marina has taken over all oil port operations.
- Oil port operations in Venezuela were previously managed by the national ports authority.
- The shift in Venezuelan port operations aligns with broader US influence in the region's oil sector.
Argentina's recoverable shale oil and condensate reserves in the Vaca Muerta formation have nearly doubled, reaching 30.1 billion barrels, according to the energy secretary's office. This substantial increase elevates Argentina's standing as a principal oil producer within South America.
In the United States, oil and gas drilling contractors and OCTG producers are anticipating a surge in demand and higher oil prices in the latter half of 2026. This outlook is attributed to the ongoing US-Iran war, which is expected to drive up oil prices and consequently stimulate increased drilling activity. This represents a notable shift from earlier in the year, with current trends indicating rising rig counts and prices.
Concurrently, Venezuela's state-owned oil shipping arm, PdV Marina, has assumed complete control over all oil port operations. This function has been transferred from the national ports authority. This development is observed within the context of broader US influence in the regional oil sector.