Journal of Geosciences Insights

ABSTRACT

In the dynamic and uncertain landscape of today's oil and gas industry, characterized by unpredictable shifts in supply and demand, geopolitical tensions, the looming threat of natural disasters, and unforeseen global events like the COVID-19 pandemic, oil and gas enterprises are confronted with a compelling need to embrace best-in-class supply chain strategies. Central to these challenges lies the critical requirement for effective risk mitigation, encompassing comprehensive contingency planning and supplier diversification. Technological advancements and the application of data analytics in demand forecasting are pivotal elements in optimizing supply chain management. Cultivating strong supplier relationships promotes adaptability, while the integration of sustainable practices enhances competitiveness. These strategic approaches empower companies not only to navigate market volatility and the erratic fluctuations in crude oil prices but also to prosper in this ever-changing environment.

KEYWORDS

1. Oil and gas industry
2. Supply chain management
3. Best practices
4. Crude oil prices
5. Collaboration