Argentine President Fernandez visits US
Argentine President Alberto Fernandez is set to visit the US today for a week of meetings.
Fernandez’s first stop is the 77th session of the UN General Assembly, where he will participate in discussions on peace and security.
The Argentine president is also expected to meet with his US counterpart, Joe Biden. The meeting will likely cover US-Argentine partnerships that could stabilize the Argentine economy, which has been defined by accelerated inflation and a drop in local currency value. While the US is Argentina’s third-largest trading partner, Argentina represents only .2% of US imports. However, Argentina has substantial energy potential, as it is home to the Vaca Muerta Shale Formation, which could prove lucrative as global demand for energy rises.
The shale reserve could help Argentina increase its standing in the global energy market, restore trade balance and provide a crucial windfall of foreign exchange to the country’s otherwise beleaguered reserves. Vaca Muerta will hit record oil output this year, exceeding 308,000 barrels per day by December. Exports are expected to reach $2 billion, five times more than last year. Vaca Muerta has the ability to lessen Argentina’s dependence on expensive foreign gas and save $2.2 billion in imports–stemming foreign exchange outflows.
