Argentina's YPF announces oil find

Argentina's biggest oil and natural gas company announced on Monday a "spectacular" oil discovery in the province of Neuquen.

The company said it had found 927 million barrels, reported La Nacion. That is more than double the country's annual oil consumption.

Argentina's proven gas reserves fell 51 percent between 2000 and 2009, reports Dow Jones. The discovery by YPF could make Argentina's one of the world's leading producers of shale oil, which is extracted from tight sands or shale rock formations.

Follow Stephanie on Twitter: @stephaniegarlow