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Financial News: ARGENTINA: Oil Production Drops 7.5% On Year In

ARGENTINA: Oil Production Drops 7.5% On Year In July

09/04/2017 - 18:33:00 (RTTNews)

(RTTNews) - Argentina's oil production fell 7.5% in July compared to the same month last year, the Ministry of Energy said on Monday. Year-to-date, the Argentinean oil output accumulates a drop of 7.9%. In June, oil production fell 7.8%, after declining 6% in May, and 13% in April.

According to a report by the Argentinean Energy Institute (IAE) on trends for the sector, "oil production is accelerating its pace of decrease and is expected to end the year considerably lower than in 2016."

The institute warned that a new exploratory policy, guided by immediate investments, is required "to recover 25 years of neglect and to reverse this output trend."

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