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Argentina raises oil export withholding tax rate

Argentina raises oil export withholding tax rate

汇通财经汇通财经2026/03/15 05:31
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According to Argentine media reports on the 14th, the Argentine Ministry of Energy announced an increase in the country's oil export withholding tax rate. Local media such as the Argentine News Agency cited sources from the Ministry of Energy, stating that the withholding tax rate for conventional oil field exports in Chubut, Santa Cruz, Mendoza, and Neuquén provinces will rise from 3.36% to 8%. Analysts pointed out that, against the backdrop of rising Brent crude oil prices in London due to the conflict in the Middle East, this move will prompt local Argentine oil producers to sell heavy crude oil to domestic refineries at lower prices, thereby mitigating the impact of international oil price increases on domestic fuel prices. Earlier this year, the Argentine government reduced the withholding tax rate for conventional oil field exports. According to a report by "Clarín," the short-term shortage of oil in the international market may benefit Argentine oil exports, but if tensions in the Middle East persist, it will push up domestic oil and gas prices in Argentina, leading to intensified inflation. Reports indicate that currently about 35% of Argentina's oil production is sold abroad. (Xinhua News Agency)
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