Year: 2024
Type: article
Abstract: The 2020 collapse of crude oil prices into negative territory was unprecedented and exposed critical vulnerabilities in the global oil supply chain. This review examines the factors that contributed to negative pricing, including excess supply, storage limitations, geopolitical instability, and market speculation. It also highlights the oil supply chain's significant disruptions, particularly in transportation, production, and distribution. Strategic lessons from the crisis are explored, emphasizing the importance of risk management, flexible supply chains, and policy adaptations to ensure future resilience. Finally, the review offers recommendations for industry players and policymakers to safeguard against future crises, focusing on diversified energy portfolios, enhanced logistical capabilities, and stronger regulatory frameworks to stabilize the market in the face of volatility.
Institution: Redeemer's University
Language: English
Subfield: Economics and Econometrics
Domain: Social Sciences
Open Access status: hybrid
OpenAlex ID: W4402668418