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Oil Ground UpAuthor: Oil Ground Up
Rory Johnston navigates listeners through the financial market dynamics of the world's oil and gas sector. Get the latest fundamentals behind the price action and hear from industry experts from the field and from the corporate offices of the world's leading energy producers. Language: en Contact email: Get it Feed URL: Get it iTunes ID: Get it |
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The Ruble Fortress: Why Russia’s Oil Sector Thrives While the West Predicts Collapse
Thursday, 29 January, 2026
In this episode of the Oil Groundup Podcast, host Rory Johnston welcomes Ronald Smith, a consultant with 25 years of experience analyzing the Russian oil and gas sector. The discussion delves into why Russia’s industry is far more complex than other OPEC+ members due to its vast refining sector and extensive pipeline networks that crisscross continental Asia. Smith explains the geographic evolution of production, highlighting West Siberia as the current "anchor" while exploring the future potential of Arctic and East Siberian greenfields. Listeners will learn about the immense logistical hurdles of operating in the world's largest swamp and the technological shift toward horizontal drilling and multi-stage fracking in deeper, tighter horizons. The conversation also uncovers how Russia’s tax regime and ruble devaluation serve as unique economic buffers, allowing production to remain resilient despite international sanctions and price caps. Finally, Smith provides a forward-looking assessment of Russia’s commitment to OPEC+ and the strategic importance of the massive Vostok Oil project in maintaining future global supply.Ronald's Substack can be found HERE
