Feasibility of commercial use of unconventional oil and gas reserves such as shale oil and gas has added a new dimension to energy security. The policy of investment by major consumers of crude oil in exploration, development and production of new reserves in oil-rich countries in order to supply needed crude to global markets has been already proven inefficient. Increased dependence of Europe on the Russian oil and gas in medium and long terms in addition to the new approach taken by five major oil producers in the Middle East to the growing Chinese market as well as aggressive policies adopted by Qatar to production and export of LNG are among key factors which will determine security of energy in the future. Moreover, development of energy pipelines in the United States, Canada, Russia, Central Asia and Europe, which will play an important role in regional and global oil and gas markets, can also affect security of energy supply in the near future. This paper concludes that despite optimistic figures on the balance between oil and gas supply and demand in medium and long terms (up to 2035), consumer countries, especially China’s economy are exposed to long-term insecurity of energy supply
)