Argentina says oil price plunge to cut energy trade deficit

The slump in international oil prices and increased domestic output will reduce Argentina's energy trade deficit by 16 percent next year to $5.6 billion, the government said on Tuesday, helping to ease strains on the balance of payments. Argentina is grappling with pressure on its foreign currency reserves after being largely shut out from global debt markets for more than a decade and with tight trade and currency controls stifling investment and stunting exports.
"We anticipate a decrease of $1.1 billion in the energy deficit next year to $5.6 billion," Cabinet Chief Jorge Capitanich told reporters.