Milei hails Argentina's ‘underground revolution’

President Javier Milei said on Monday that Argentina is undergoing an “underground revolution” and would eventually “become a paradise,” as he defended his government’s economic reforms, highlighted record oil production and hailed the expansion of the massive Vaca Muerta shale formation.

Milei delivered the keynote speech at the opening of Argentina Oil & Gas Patagonia 2026 expo at the Espacio DUAM venue in the city of Neuquén. 

The President was accompanied by Presidential Chief-of-Staff Karina Milei and Cabinet Chief Diego Santilli. Neuquén Province Governor Rolando Figueroa, who has good political ties with the Casa Rosada, also attended.

Milei opened by highlighting the growth in oil production and the sharp increase in exports, saying Argentina was approaching output of one million barrels per day. He attributed the energy sector’s performance to the changes in economic rules introduced by his administration.

“Today we broke the record for exports in a single month, exceeding US$10 billion,” Milei said.

He defended his economic programme, arguing that a country’s wealth depended more on its institutions than its natural resources.

The President described energy as a key driver of economic development and productivity, comparing the power generated by oil with human labour. He highlighted Neuquén’s production, which exceeds 600,000 barrels per day.

“For almost all of human history, human beings lived off the strength of their arms and that of their animals. Everything that was produced was produced through sheer hard work,” he said.

Milei argued that the exploitation of energy resources had been decisive in driving the Industrial Revolution and multiplying wealth around the world.

He contrasted the sector’s current performance with previous years, when, in his assessment, price controls, export restrictions and foreign exchange controls discouraged investment. He criticised the so-called ‘barril criollo’ (domestic crude oil price), as well as energy tariff subsidies, which he blamed for distorting economic signals.

“For a decade, Vaca Muerta was operating at half capacity, with prices held down, foreign exchange controls and fear of investing,” he said. Following the change in rules, he added, Argentina had begun to increase its exports.

Milei said Argentina's energy trade balance had moved from annual deficits of up to US$5 billion to a surplus exceeding US$10 billion. He warned that, under the previous economic model, the country would have faced greater difficulties meeting its financing needs and debt repayments.

The President linked the improvement to his administration’s fiscal policies, noting that Argentina faced US$25 billion in debt maturities. A combination of a fiscal deficit and a negative energy balance, he argued, would have significantly increased the country’s need for external financing.

He acknowledged, however, that his government faced criticism over the slowdown in economic growth and inflation falling more slowly than expected. He defended the disinflation process, saying his administration had reduced the pace of price increases compared with levels recorded before he took office.

Returning to energy, Milei highlighted the expansion of unconventional oil production, saying Vaca Muerta had more than doubled its crude output since 2023. According to figures he presented, production at the formation rose from an average of 310,000 barrels per day in 2023 to more than 670,000 barrels per day in August 2026.

National oil production, he said, increased from approximately 635,000 barrels per day in 2023 to 932,000 barrels per day in August this year. He described this as a historic record, surpassing the previous peak reached in 1998 and bringing Argentina closer to the target of one million barrels per day.

Milei also highlighted the impact of his reforms. He said the government expected to reach 18,000 deregulation measures by the end of October and argued that the country was experiencing an “underground revolution” through Vaca Muerta that would ultimately translate into stronger economic growth.

The President also focused on the expansion of oil exports, saying Argentina had moved from barely meeting its own needs to becoming one of the region’s leading exporters. According to the figures he presented, Argentina exported an average of 128,000 barrels per day in 2023, with that volume doubling so far in 2026. In July, he added, exports reached almost 330,000 barrels per day.

RIGI was another central theme of his speech, with Milei describing the scheme as a key instrument for attracting capital and restoring Argentina’s credibility. Milei said his government would seek, over time, to bring the wider economy into line with the conditions offered by the scheme.

“We are not going to make the RIGI converge towards the disastrous structure that brought the country down. We are going to make it converge towards the RIGI,” he said. “In the long run, the entire Argentine economy will be one big RIGI.”

Turning to politics, Milei linked his economic record to the 2027 elections, saying his programme was intended to allow Argentines to choose between the model represented by the state and what he described as the model of freedom.

“I refuse to believe that Argentines are going to vote to go backwards,” he said.

In his closing remarks, Milei declared that Argentina had moved beyond the era of promises and that energy development was beginning to deliver tangible results.

“The era of potential is over. If in 2023 we were full of promises, today we are full of realities,” he said.

The President presented Neuquén as a model that could be replicated in other regions, pointing to oil pipeline and liquefied natural gas projects in Río Negro, as well as mining investments in Catamarca, San Juan and Salta. He argued that the development of natural resources could be extended across the country.

“We can make a thousand Vaca Muertas flourish throughout the length and breadth of the country,” he said.