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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.
Okogwu et al. (Sun,) studied this question.