Specific features of the oil industry supply chain, such as longer chain, the complexity of transportation system, complex production and storage process etc, poses challenges to its effective management. Global transportation of crude oil either by maritime means or overland pipelines over great distances to consumer market within countries and across borders has become a serious domestic and international concern due to the risk and challenges along the supply chain. Hence understanding the risks, the risk sources, and their potential impacts on the oil industry's operations will be helpful in proposing a risk mitigation and management model for the upstream crude oil supply chain. This study involved extensive literature review and survey was conducted, with an aim to identify the upstream crude oil supply chain risks and to choose or propose an optimal mitigation strategy to manage the risk.