Argentina’s Vaca Muerta shale is on life support just weeks after the meltdown in global crude oil prices. On Thursday, the regional news outlet in the Vaca Muerta, Rio Negro , reported that the “crisis in the oil industry escalated to higher levels” this week. Argentina’s partially state-owned YPF suddenly cut production by 50 percent at its Loma Campana oil field – the flagship project for the much-hyped Vaca Muerta shale – because demand collapsed and the company has insufficient storage for its oil. Like many other countries, Argentina imposed a version of a lockdown order to contain the coronavirus pandemic, leading to an abrupt collapse in oil demand. YPF said that its fuel sales have declined by as much as 70 percent. It’s a similar story playing out in many places around the globe – a sharp drop in retail fuel sales led to topped off storage levels, […]