World oil markets are witnessing deep changes which could not be explained by economic or sometimes political- geopolitical cycles resulting from the interaction of different factors in the oil markets. With the energence of new actors into the scene of global economy, the economic conditions of the world have undergone a radical change. This has also affected energy markets, so that old patterns are no longer applicable to present and future activities of oil industry and those related to energy security. However, states still define their energy security based on a realist approach in the narrow sense of national security. But many issues related to energy security such as investment in energy sector, technology transfer, climate change, energy shortage and the other dimensions of sustainable development are of transnational nature. On the other hand, several common factors exist between the energy security of producers and consumers which create a link between supply security and demand security. Therefore given the fact that optimum governance in the field of energy goes beyond georaphical borders, it would be better that an international instance undertakes the governance in this field and designates an alternative security paradigm for existing energy policies
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