Yamal LNG

Our guest today is Doomberg, the team behind one of the most widely read finance newsletters on Substack.

We'll be discussing why the epicenter of the current energy crisis is diesel and LNG rather than crude oil, why they believe we've been in World War III since 2014, what it means for geopolitics and energy markets, and why many parts of the world are not prepared for what could come next.

Events are moving quickly, so we'd like our listeners to note that this conversation was recorded on Wednesday, October 21st, 2026, before the recent election in Israel.

Hello, Doonberg.

And I've really been looking forward to this conversation because I think for oil analysts, this crisis has been kind of the sum of all fears, right? A protracted, escalating conflict in the Middle East.

closure of the Strait of Hormuz.

However, it hasn't really played out the way many at first expected with much bigger impacts on diesel and LNG supplies than on crude oil.

Why is that? And how should the way it's been playing out shape our thinking on what may come next? Yeah, great question.

And tell me how many people are going to sign up and fight on the government side to take away the rights and liberties of...

the america as we know it if you think all these new immigrants who don't believe in america and want it to be like you know their way of life they're here for the free stuff they're either here to actually work in which case they want the american way of life or they're here for the free stuff that's not who i want in a foxhole beside me and i'm saying that as a soldier All right, so before you blame this on, you know, a Russian collusion hoax, which was totally BS before, and now they're actually getting together and doing something, understand that liquefied natural gas cargo from Russia's Yamal plant, everything they could produce, they sent 140 ships... out of their Arctic facility, 136 of them landed in Europe with France, Belgium, Spain, and the Netherlands importing most of this Russian gas.

So let me ask you, if you want to be congruent here, why is France, Belgium, Spain, and the Netherlands These are all European countries, boys, in case you're geography challenged.

Why geographically challenged? Why are all of them buying energy from Russia, who ostensibly is going to use that money to, in someone else's words, not mine, quote, walk straight across Europe? And if you want to look, Keir Starmer.

But funnily enough, right now it is used quite a lot because this is where Russia is trying to export some of its oil and particularly gas.

So the Yamal LNG project is actually exporting its LNG from exactly that area.

And it goes via the Arctic Circle, the Bering Strait, and then it goes to the prime recipient, which is China.

The oil that is produced around the Urals, new terminal, I think is being built right now in order to export more of that oil via that route rather than via the Black Sea route or the Baltic Sea route.