The fallout from Covid-19 and the conflict in Ukraine will bring an adjustment in supply chain strategies including a shift towards more diverse and less distant suppliers and a greater role for “just-in-case” thinking, according to a top executive with Equinor.

“We had a situation where everyone could be depending on the same factory for a critical production component, but Covid lockdowns and supply chain bottlenecks exposed the vulnerabilities of this,” said Eirik Waerness, the Norwegian major’s chief economist.

“Things are changing, with a shift from just-in-time to just-in-case thinking, increased use of storage and avoidance of massive dependence on single countries or single producers.”