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Explain supply chain issues in relation to the oil industry

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Reference no: EM132974434

Problem 1: The coronavirus pandemic has shocked the oil industry, flooding companies with more supply than the world can burn and bankrupting small players [1]. The price of crude oil crashed to negative (-$38) on 20th April Monday 2020 for the first time in the history [2]. The analysts predict that the damage has only just begun [3]. The head of the International Energy Agency (IEA), Faith Birol commented, 'in a few years' time, when we look back on 2020, we may well see that it was the worst year in the history of global oil markets'. What did go wrong? Discuss the supply chain issues in relation to the oil industry.

Reference no: EM132974434

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