These factors and others forced petroleum companies for a greater need in the strategic planning optimization and sensitivity analysis in order to make decisions that satisfy conflicting multiobjective goals of maximizing expected profit while simultaneously minimizing risk.
It is facing a challenging task to remain competitive in a globalized market, the fluctuating demand for petroleum products and the current situation of fluctuating high petroleum crude oil prices is a demonstration that markets and industries throughout the world are impacted by the uncertainty and volatility of the petroleum industry. In the recent years, petroleum industry has grown increasingly complex as a result of tighter competition, stricter environmental regulations and lower-margin profits. Petroleum industry has a major share in the world energy and industrial markets.
