Crude oil prices have risen on Wednesday, but a major price drop in Argentina is making a difference in the world of oil and gas.
The price of U.S. crude rose by more than $1.40 per barrel over the weekend, to $61.90 a barrel, and was also down by $1 a barrel in Argentina, to the equivalent of $50.00.
Argentina has been battling a chronic shortage of crude oil.
The country has imported about a third of its crude from the United States.
The U.N. has called on the government to ease its import restrictions.
On Wednesday, the World Trade Organization voted to impose sanctions on companies involved in the illegal oil trade, including Argentina.
On Tuesday, the U.K. and Brazil imposed new sanctions on Argentine officials over their role in the export of crude.
Argentina is a major supplier of crude to the U: about 85 percent of the country’s oil is imported, and more than half of the exports are to Europe.
Argentina imported nearly $2.5 billion worth of crude last year, according to Bloomberg.
The Argentine government also exported about $2 billion worth to Europe, and the country imports oil from Turkey.
The oil price plunge could have an impact on Argentina’s economy.
Argentina, which imports $1 billion worth per day of oil, could lose $300 million in annual oil revenue from the price drop, according a Reuters analysis.
Argentina could also suffer a blow to its foreign debt, which has increased over the last decade due to a boom in oil exports.
Argentina’s Foreign Minister, Hector Videgaray, said in February that Argentina was on track to become the third-largest importer of oil in the European Union, behind Russia and Ukraine.