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This paper first explores the
implications of the rise of emerging markets on energy and, then, on energy
security. Nowadays, emerging economies are key players in the international
political arena, in the global economy and, in energy markets. The new economic
scenario, which favors emerging markets, produces a mirror image in the
business world. The new oil and natural gas titans are now public companies
from those emerging countries, while private companies from the developed world
play second fiddle. This fact also affects energy security. This paper points
out that oil is still the most vulnerable source of energy. Yet in this new
context, the International Energy Agency must actively collaborate with China
and India (to say the least) to create an efficient policy for energy security.
Finally, this paper suggests that Russia is the world cornerstone of energy
supply. And the OPEC continues to play the most relevant role in the oil
markets as it has for the past 40 years.