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.