According to SunSirs on November 19th, the Argentine government announced on Tuesday that it will eliminate regular oil export tariffs in the southern province of Chubut to stimulate the industry, adding that the measure may be extended to other provinces. Economy Minister Luis Caputo also stated on social media that the Argentine government is revising its plan for regular crude oil export tariffs.

The elimination of regular oil export tariffs in Chubut will significantly reduce crude oil export costs, stimulating domestic oil production and exports. This move may lead to an increase in Argentine crude oil supply and could potentially be extended to other provinces, amplifying the global crude oil supply growth effect. Increased supply will put downward pressure on crude oil spot prices.

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