Sep 28, 2019 SOURCE: BusinessWire

SpendEdge’s Latest Blog Discusses the Procurement Scenario of the Global Industrial Sector against the Backdrop of a High Crude Oil Market Price | Oil Price Forecasts

SpendEdge, a leading procurement market intelligence company, has announced the completion of its article that underlines the impact of the price rise in the crude oil market on some of the critical industrial sectors that are driving the global economy. This article is concluded with procurement strategies that the leading industry players will implement to address the high oil price forecasts.

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Impact of the price rise in the crude oil market on some of the critical industrial sectors that are driving the global economy (Graphic: Business Wire)

The global industrial scenario is precarious following the drone-missile attacks on Saudi Arabia’s Abqaiq and Khurais oil facilities. Being one of the major oil exporters to the world, such an unprecedented attack will have its widespread repercussion across the end-user industries such as the stainless steel, industrial gases, fuel oil utilities, among others, in the form of a severe supply shortage. This will result in a significant price in the crude oil market as indicated by SpendEdge’s oil price forecasts 2019.

Rising price in the crude oil market is propelling the procurement expenditure across some of the critical industries. Download a Free Sample Report of the crude oil market to know the procurement best practices buyers are adopting to contain their costs.

High crude oil market price to disrupt the procurement scenario in the stainless steel industry

A stark increase in the crude oil market price will have a simultaneous inflationary impact on the manufacturing and logistics expenditure for stainless steel manufacturers. To compensate for this inflating expenditure, the manufacturers are expected to increase the prices of end products which will result in buyers incurring excess procurement spend owing to the increase in crude oil market price.

Find out how to reduce optimize costs in the midst of rising crude oil market price. Request complimentary access to our platform and access cost data on real-time dashboards.

Strategies to adapt to sustain in the crude oil market that will be marked with extreme price volatility

Because of the current situation, SpendEdge’s recent procurement intelligence report on the stainless steel market states that buyers must include appropriate price collars into their contracts to offset the high volatility of the crude oil market price. In the stainless steel market, buyers must rely on statistical data of recent price deviations to fix a price collar and avoid the negative impact of any increase in the crude oil market price.

Do not let rising procurement expenditure impact your ROI. Gain an edge above your competitors and accomplish your revenue goals by consulting with our experts.

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