MITIGATING INHERENT RISKS IN THE OIL SUPPLY CHAIN: A SYSTEMATIC REVIEW OF MODERN TECHNIQUES AND STRATEGIES
Author(s):
Bukola A. Odulaja, Joy Otibhor Olurin, Henry Onyeka Daraojimba, Adedolapo Omotosho, Chibuike Daraojimba
This is an open access article distributed under the Creative Commons Attribution License CC BY 4.0, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited
Abstract
The study embarked on a comprehensive exploration of the oil supply chain to understand its inherent risks and identify effective mitigation strategies. By adopting a multi-faceted approach, the research encompassed a review of existing literature, case studies, and industry best practices. This methodological approach provided a holistic view of the challenges faced by the industry, from geopolitical tensions to environmental concerns and technological adoption barriers. Results from the investigation highlighted several key findings. Advanced predictive analytics, diversification of supply sources, robust safety protocols, and the adoption of sustainable and green technologies emerged as pivotal strategies for risk mitigation. The research also underscored the significance of proactive risk management, emphasizing the value of anticipatory strategies in safeguarding operations and ensuring resilience. Furthermore, the study revealed the evolving energy landscape, with a discernible shift towards cleaner and more sustainable energy sources, driving transformative changes in the oil supply chain. In conclusion, the oil supply chain stands at a critical juncture, facing both challenges and opportunities. The industry’s future hinges on its ability to adapt, innovate, and align with global sustainability efforts. To navigate this complex landscape, the study recommends strengthening international collaborations, investing in research and development, and enhancing transparency and information sharing. Embracing these recommendations will mitigate risks and position the oil supply chain for long-term success in an ever-evolving global energy market.
KEYWORDS:
Oil supply chain, Predictive analytics, Risk mitigation, Sustainable technologies, Proactive risk management, Energy landscape