IDEAS home Printed from https://ideas.repec.org/a/bjc/journl/v10y2023i10p68-87.html
   My bibliography  Save this article

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
    as

    Download full text from publisher

    File URL: https://www.rsisinternational.org/journals/ijrsi/digital-library/volume-10-issue-10/68-87.pdf
    Download Restriction: no
    File URL: https://rsisinternational.org/journals/ijrsi/articles/adapting-to-oil-price-volatility-a-strategic-review-of-supply-chain-responses-over-two-decades/
    Download Restriction: no
    ---><---

    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. 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.
    5. 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.
    6. 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.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. S. Maryam Masoumi & Nima Kazemi & Salwa Hanim Abdul-Rashid, 2019. "Sustainable Supply Chain Management in the Automotive Industry: A Process-Oriented Review," Sustainability, MDPI, vol. 11(14), pages 1-30, July.
    2. Takyi, Paul Owusu & Leon-Gonzalez, Roberto, 2020. "Macroeconomic impact of fiscal policy in Ghana: Analysis of an estimated DSGE model with financial exclusion," Economic Analysis and Policy, Elsevier, vol. 67(C), pages 239-260.
    3. Miroslava Ivanova & Lilko Dospatliev, 2023. "Effects of Diesel Price on Changes in Agricultural Commodity Prices in Bulgaria," Mathematics, MDPI, vol. 11(3), pages 1-22, January.
    4. Jiangwei Liu & Xiaohong Huang, 2021. "Forecasting Crude Oil Price Using Event Extraction," Papers 2111.09111, arXiv.org.
    5. Hao, Jun & Feng, Qianqian & Yuan, Jiaxin & Sun, Xiaolei & Li, Jianping, 2022. "A dynamic ensemble learning with multi-objective optimization for oil prices prediction," Resources Policy, Elsevier, vol. 79(C).
    6. Matteo Bonato & Konstantinos Gkillas & Rangan Gupta & Christian Pierdzioch, 2020. "Investor Happiness and Predictability of the Realized Volatility of Oil Price," Sustainability, MDPI, vol. 12(10), pages 1-11, May.
    7. Tomasz Ingram & Monika Wieczorek-Kosmala & Karel Hlaváček, 2023. "Organizational Resilience as a Response to the Energy Crisis: Systematic Literature Review," Energies, MDPI, vol. 16(2), pages 1-35, January.
    8. Oke, Doris & Mukherjee, Rajib & Sengupta, Debalina & Majozi, Thokozani & El-Halwagi, Mahmoud, 2020. "On the optimization of water-energy nexus in shale gas network under price uncertainties," Energy, Elsevier, vol. 203(C).
    9. Marcus Vinicius Santos & Fernando Morgado-Dias & Thiago C. Silva, 2023. "Oil Sector and Sentiment Analysis—A Review," Energies, MDPI, vol. 16(12), pages 1-29, June.
    10. Alexander Cunningham, 2024. "Assessing the feasibility of deep-seabed mining of polymetallic nodules in the Area of seabed and ocean floor beyond the limits of national jurisdiction, as a method of alleviating supply-side issues ," Mineral Economics, Springer;Raw Materials Group (RMG);Luleå University of Technology, vol. 37(2), pages 207-226, June.
    11. Octavian Jude & Avraham Turgeman & Claudiu Boțoc & Laura Raisa Miloș, 2023. "Volatility and Spillover Effects between Central–Eastern European Stock Markets and Energy Markets: An Emphasis on Crisis Periods," Energies, MDPI, vol. 16(17), pages 1-12, August.
    12. Pazouki, Azadeh & Zhu, Xiaoxian, 2022. "The dynamic impact among oil dependence volatility, the quality of political institutions, and government spending," Energy Economics, Elsevier, vol. 115(C).
    13. Rajesh, R., 2020. "Sustainable supply chains in the Indian context: An integrative decision-making model," Technology in Society, Elsevier, vol. 61(C).
    14. Shahriyar Mukhtarov & Sugra Humbatova & Mubariz Mammadli & Natig Gadim‒Oglu Hajiyev, 2021. "The Impact of Oil Price Shocks on National Income: Evidence from Azerbaijan," Energies, MDPI, vol. 14(6), pages 1-11, March.
    15. Hokey Min, 2023. "Exploring the Commercialization of Smart Rural Energy in Times of Energy Supply Chain Disruptions," Energies, MDPI, vol. 16(14), pages 1-14, July.
    16. Pruethsan Sutthichaimethee & Sthianrapab Naluang, 2019. "The Efficiency of the Sustainable Development Policy for Energy Consumption under Environmental Law in Thailand: Adapting the SEM-VARIMAX Model," Energies, MDPI, vol. 12(16), pages 1-21, August.
    17. Mourad Zmami & Ousama Ben-Salha, 2023. "What factors contribute to the volatility of food prices? New global evidence," Agricultural Economics, Czech Academy of Agricultural Sciences, vol. 69(5), pages 171-184.
    18. Manuel-Francisco Morales-Contreras & Paloma Bilbao-Calabuig & Carmen Meneses-Falcón & Victoria Labajo-González, 2019. "Evaluating Sustainable Purchasing Processes in the Hotel Industry," Sustainability, MDPI, vol. 11(16), pages 1-24, August.
    19. Nazir Muhammad Abdullahi & Olufemi Adewale Aluko & Xuexi Huo, 2021. "Determinants, efficiency and potential of agri-food exports from Nigeria to the EU: Evidence from the stochastic frontier gravity model," Agricultural Economics, Czech Academy of Agricultural Sciences, vol. 67(8), pages 337-349.
    20. James Ming Chen & Mobeen Ur Rehman, 2021. "A Pattern New in Every Moment: The Temporal Clustering of Markets for Crude Oil, Refined Fuels, and Other Commodities," Energies, MDPI, vol. 14(19), pages 1-58, September.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:bjc:journl:v:10:y:2023:i:10:p:68-87. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Dr. Renu Malsaria (email available below). General contact details of provider: https://rsisinternational.org/journals/ijrsi/ .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.