  Global oil price is an important factor in determining many economic
variables in the world's economy. It is generally modeled as a stochastic
process and have been studied through different techniques by comparing the
historic time series of demand, supply and the price itself. However, there are
many historic events where the demand or supply changes are not sufficient in
explaining the price changes. In such cases, it is the expectations on the
future changes of demand or supply that causes heavy and quick influences on
the price. There are many parameters and variables that shape these
expectations, and are usually neglected in traditional models. In this paper,
we have proposed a model based on System Dynamics approach that takes into
account these non-traditional factors. The validity of the proposed model is
then evaluated using real and potential scenarios in which the proposed model
follows the trend of the real data.
