Argentina plans to issue a decree setting a higher local oil barrel price to protect the domestic industry from being further decimated by a collapse in global prices and slumping fuel demand due to the coronavirus pandemic, two industry sources told Reuters on Thursday. The locally-set oil price, known as the “criollo barrel” and used before to offset global price swings, would come as oil demand has collapsed around the world and domestically in Argentina due to a nationwide lockdown imposed in mid-March. In Argentina as in other countries during the pandemic, a slower economy has slashed fuel demand. Refiners are not purchasing all the crude that is being produced, and storage space is growing scarce pressuring prices even more. One of the people, a senior industry official with knowledge of government plans, said an announcement around the “criollo” barrel would likely be released next […]