Energy remains the backbone of the global economy in present times, and competition is most closely associated with achieving energy security. States, whether big or small, have been involved in a race to achieve energy security for national development; however, in the process, they have foregone the need and opportunity to accumulate the benefits coming from greater interdependence and cooperation between them. The paper proposes that states under prevailing circumstances, when climate change is manifesting in new forms and volatility in global oil markets is at an all-time high, need to overhaul their understanding and application of energy security according with the ground realities. Energy security at the world level can be achieved through cooperative adjustments along the supply chain, involving supply, transit and consuming states, to build enhanced mutual dependence. These adjustments would enable states to reposition themselves and optimally operate in the global energy trade; thus, altering the dynamics of global energy system and embedding sustainability in it. All of that will come with the dedication of national governments, along with a sense of urgency and participation in decision-making among end consumers (i.e. people) and advocacy of international climate-energy forums, to revamp the existing energy system to meet the changing energy needs of mankind both at present and in coming time.