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Adapting To Oil Price Volatility: A Strategic Review Of Supply Chain Responses Over Two Decades

Author

Listed:
  • Casandra Okogwu

    (Independent Researcher, Lagos, Nigeria)

  • Mercy Odochi Agho

    (Independent Researcher, Nigeria)

  • Mojisola Abimbola Adeyinka

    (Independent Researcher, Nigeria)

  • Bukola A. Odulaja

    (Independent Researcher, Nigeria)

  • Obinna Arize Ufoaro

    (Department of Economics Education, Nwafor Orizu College of Education, Nsugbe, Nigeria)

  • Sodrudeen Abolore Ayodeji

    (Matrix Energy Limited, Lagos, Nigeria)

  • Chibuike Daraojimba

    (University of Pretoria, South Africa)

Abstract

The global oil sector has witnessed unprecedented volatility in recent years, necessitating a comprehensive analysis of supply chain strategies and adaptations. This study meticulously explored the current landscape, employing a systematic literature review methodology to dissect the intricate dynamics of the oil sector’s supply chain management. The initial phase involved identifying key themes and developing pertinent keywords to guide the literature search, followed by a rigorous analysis of case studies and regional perspectives, integrating multidisciplinary insights and technological innovations. The findings reveal a sector at the cusp of transformation, grappling with the challenges posed by price fluctuations and global events. The study highlighted the significant strides made in supply chain logistics and green management practices, albeit with varying degrees of success. Furthermore, it underscored the potential of leveraging advanced analytics and predictive models to enhance demand forecasting, thereby fostering a more resilient and adaptive supply chain. The study recommends a strategic shift towards diversification and sustainability, urging oil companies to broaden their energy portfolios to mitigate the risks associated with price volatility. Additionally, it advocates for the integration of technology into supply chain operations, fostering regional collaborations, and investing in human capital development to navigate the complexities of the evolving market dynamics. In conclusion, the study serves as a beacon, guiding the oil sector towards a future marked by innovation, resilience, and sustainability. It calls for a proactive approach, where companies are urged to anticipate market shifts and craft strategies that align with emerging trends and consumer demands.

Suggested Citation

  • Casandra Okogwu & Mercy Odochi Agho & Mojisola Abimbola Adeyinka & Bukola A. Odulaja & Obinna Arize Ufoaro & Sodrudeen Abolore Ayodeji & Chibuike Daraojimba, 2023. "Adapting To Oil Price Volatility: A Strategic Review Of Supply Chain Responses Over Two Decades," International Journal of Research and Scientific Innovation, International Journal of Research and Scientific Innovation (IJRSI), vol. 10(10), pages 68-87, October.
    • Handle: RePEc:bjc:journl:v:10:y:2023:i:10:p:68-87
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    References listed on IDEAS

    as
    1. Ding Chen & Umar Muhammad Gummi & Shan-Bing Lu & Asiya Mu'azu, 2020. "Modelling the impact of oil price fluctuations on food price in high and low-income oil exporting countries," Agricultural Economics, Czech Academy of Agricultural Sciences, vol. 66(10), pages 458-468.
    2. Lu-Tao Zhao & Li-Na Liu & Zi-Jie Wang & Ling-Yun He, 2019. "Forecasting Oil Price Volatility in the Era of Big Data: A Text Mining for VaR Approach," Sustainability, MDPI, vol. 11(14), pages 1-20, July.
    3. Eric Amoo Bondzie & Giovanni Di Bartolomeo & Gabriel Obed Fosu, 2014. "Oil Price Fluctuations and it Impact on Economic Growth: A Dsge Approach," International Journal of Academic Research in Business and Social Sciences, Human Resource Management Academic Research Society, International Journal of Academic Research in Business and Social Sciences, vol. 4(2), pages 217-242, February.
    4. Rabeh Khalfaoui & Sakiru Adebola Solarin & Adel Al-Qadasi & Sami Ben Jabeur, 2022. "Dynamic causality interplay from COVID-19 pandemic to oil price, stock market, and economic policy uncertainty: evidence from oil-importing and oil-exporting countries," Annals of Operations Research, Springer, vol. 313(1), pages 105-143, June.
    5. Fadhil Y. Al-Aboosi & Mahmoud M. El-Halwagi, 2019. "A Stochastic Optimization Approach to the Design of Shale Gas/Oil Wastewater Treatment Systems with Multiple Energy Sources under Uncertainty," Sustainability, MDPI, vol. 11(18), pages 1-39, September.
    6. Pinkse, Jonatan & van den Buuse, Daniel, 2012. "The development and commercialization of solar PV technology in the oil industry," Energy Policy, Elsevier, vol. 40(C), pages 11-20.
    7. Hokey Min, 2022. "Examining the Impact of Energy Price Volatility on Commodity Prices from Energy Supply Chain Perspectives," Energies, MDPI, vol. 15(21), pages 1-16, October.
    8. Nurul K. Wan Ahmad & Marisa P. de Brito & Jafar Rezaei & Lóránt A. Tavasszy, 2017. "An integrative framework for sustainable supply chain management practices in the oil and gas industry," Journal of Environmental Planning and Management, Taylor & Francis Journals, vol. 60(4), pages 577-601, April.
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