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Many oil industry leaders are on record in regards to the price of oil. OPEC’s Secretary-General Abdalla El-Badri confirmed that the price of oil will not fall below $20 or $25 per barrel. The rebound will take longer than the fall as witnessed in previous oil price crashes. As expressed by Oman’s Oil Minister Mohammed Al-Rumhy: “We have created volatility, and volatility is one of those words that’s bad for business.” This is another confirmation that oil prices will rebound, just the timing is the only issue.
LEAN SIX SIGMA TEACHING POINT: Oman’s Oil Minister Mohammed Al-Rumhy said. “We have created volatility, and volatility is one of those words that’s bad for business.” He also discussed the issue of over-production (7 Wastes +1): “I really fail to understand how market share became more important than revenue.” It’s great to see world economic leaders understand the basic principles of Lean Six Sigma and the Toyota Production System (TPS). Can you think of other points the Oil Minister could express using the TPS or 7 Wastes +1?
Gary Kapanowski – Lean Six Sigma Master Black Belt – Excelsior
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