The world's energy ministers are meeting in London today (December 19th) in order to assess ways in which oil prices can be made more stable, it has been reported.
However, with oil producing nations unlikely to convince oil consumers that the price needs to rise significantly, there is little chance that the means of achieving stability will be agreed on today.
The issue will no doubt be closely watched by supply chain managers cautious of their company's exposure to the fluctuating oil prices.
Speaking to the Guardian about the meeting, Julian Lee, analyst at the Centre for Global Energy Studies, said: "While consuming countries wouldn't want to talk in terms of suggesting a price band for oil - that would be too much like interference in the market - they probably want prices where their environmental commitments look economically viable.
"That is somewhere above where oil prices are now - though I don't think many governments would be prepared to admit it."
British companies have benefited little from oil price drops due to the weakening of the British pound, so any price rises will be particularly painful.
Companies hoping to reduce their exposure to oil prices could benefit from consulting a supply chain management company, which can help reassess the make up of a supply chain in order to protect it from fluctuating prices.
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