The influence of the emerging economies on the energy markets is becoming as important as that of the developed economies. The new energy security agenda to be implemented in the coming years will have to deal with this scenario.
This paper explores the implications of the rise in the importance of the emerging markets in regard to energy security. The emerging economies have become not only key players in the international political arena and in the global economy, but also in the energy markets. The new scenario implies that developed countries, coordinated by the International Energy Agency (IEA), must actively cooperate with new emerging powers such as China and India (and others). This is the only way for consumer countries to create an efficient energy security policy. From the supply side, this paper also suggests that Russia is the cornerstone of the world’s energy supply and that the Organisation of Petroleum Exporting Countries (OPEC) continues to play the most important role in the oil markets, as it has done over the past 40 years.