Oil price is a determinant factor in many economic equations. The consistent growth of oil demand indicates the importance of petroleum products in the economic growth of both developing and developed countries. The new market conditions after the introduction of the shale oil and the extent of its influence on determining the oil price indicates a requirement for new oil market models that include new parameters. In this paper, based on the system dynamics methodology, we provide an updated model of the supply and demand of the oil market to explain the market trends. Our model provides the causal relations between the major components of the market including the determinants of the supply and demand. We divide the supply into the OPEC, non-OPEC and US producers. Further, we have extracted the supply of Iran, Saudi Arabia, Libya, Venezuela, and Iraq in the OPEC, and Russia and Syria in the non-OPEC categories in order to be able to further detail the effects of specific events that influenced their corresponding productions. We also provide a detailed case study of the major market events after 2010 that have had consequences on the oil market. Finally, we train the model with the 2014 and 2015 data and simulate and validate the model for 2016 to support our model's performance.

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