According to a report by Sectoral Economic Research (IES), the balance of the energy balance was negative, but it implied a decrease of 84.4% thanks to the sharp decline in imports.
Argentina managed to cut the energy balance deficit by 84.4% between January and May compared to the same period last year, according to a report by Sectoral Economic Research (IES).
“The balance of the energy balance was negative for US$222 million in the first five months of 2023, which implied a decrease of 84.4% year-on-year, thanks to a strong setback in the imports“, says the private report. The consultant points out that “in the first five months of 2023, oil production grew 10.6% year-on-year after climbing to 625,500 barrels per day.”
On the other hand, the private report stated that, in the same analysis period, natural gas production climbed to 130.2 million cubic meters per day, which translates into a slight growth of 0.7% year-on-year.
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Oil and gas: growth forecast for the second semester
“The consumption of gas end users presented a 1.3% year-on-year drop in the first four months of 2023. Energy exports climbed to US$3,233 million between January and May 2023, practically unchanged in compared to the same period last year,” the report states.
On the other hand, it says that “without a significant effect of the purchases of electricity, imports of energy goods fell by 25.8% year-on-year in the first five months of 2023.” For Alejandro Ovando, Director of IES Consultores, “oil and gas production will resume growth in the second half of the year.”
Source: Ambito
