According to Argentine media reports on March 14, the Argentine Ministry of Energy announced an increase in the withholding tax rate for the country's oil exports on the same day. Local media outlets, including the Argentine News Agency, cited information from the Ministry of Energy, reporting that the withholding tax rate for oil exports from conventional oil fields in provinces such as Chubut, Santa Cruz, Mendoza, and Neuquén will be raised from 3.36% to 8%.

Analysts pointed out that against the backdrop of rising Brent crude oil prices in London due to conflicts in the Middle East, this measure will encourage local oil producers in Argentina to sell heavy crude oil to domestic refineries at lower prices, thereby mitigating the impact of rising international oil prices on domestic fuel costs.

At the beginning of this year, the Argentine government reduced the withholding tax rate for oil exports from conventional oil fields. According to reports from the Argentine newspaper Clarín, the short-term shortage of oil in the international market may benefit Argentina's oil exports. However, if tensions in the Middle East persist, they could drive up domestic oil and gas prices in Argentina, leading to intensified inflation.

It is reported that currently, about 35% of Argentina's oil production is sold abroad. (Zhang Duo, Wang Zhongyi)