The compendium of research materials presented at the fifth international conference, organized by Center of Energy Studies, IMEMO RAS and Faculty of International Energy Business of Gubkin Russian State University of Oil and Gas (NRU), focuses on the ongoing transformation of oil and gas markets and adaptation of energy companies, sectors and countries to new challenges caused by the wide range of economic and political factors. Experts of Gubkin Russian State University of Oil and Gas Base Department at IMEMO focus on the analysis of the US unconventional hydrocarbon sector dynamics, risks related to the peak of global demand for oil, new forms of competition of oil and gas exporters for market niches, tendencies of small scale LNG development, corrections in the long-term strategies of energy companies.