The Organization of Petroleum Exporting Countries (OPEC) was founded in 1960, and ever since, its fourteen members have enjoyed its dominant supplier position with 43% of global production and 80% of the oil reserves. The oil price reached a peak in mid-2008 when the West Texas Intermediate (WTI) futures price was skyrocketing to $150 per barrel, among fears of the supply shortages due to stunning growth rates of China and India. The OPEC members and other producers benefited the most from such high price states. The high price did not sustain, and the dynamics of the market shifted. In mid-2014, the WTI oil price plummeted to $40s per barrel, followed by a further drop to the mid-$20s in early 2016. OPEC has been complacent with its production capability and price setting roles. Now, both OPEC and non-OPEC oil producers find themselves in a series of downward price spirals, resulting in government budget deficits and heavy layoff situations in the global oil industry. This paper analyzes historical data for crude oil production, demand and prices over the period of 2000 to 2018. This analysis examines how global oil producers could use systems thinking approaches in a response to the growing shale oil production and cost structures of all the global producers. An examination of the behavior over time and the subsequent causal loop diagram of the dynamics underlying the structures of the global system are presented. Potential impacts and implications of the current state of the global oil market are explored.