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<p class=MsoNormal><font size=3 face="Times New Roman"><span style='font-size:
12.0pt'>Good afternoon,<o:p></o:p></span></font></p>
<p class=MsoNormal><font size=3 face="Times New Roman"><span style='font-size:
12.0pt'><o:p> </o:p></span></font></p>
<p class=MsoNormal><font size=3 face="Times New Roman"><span style='font-size:
12.0pt'>We are pleased to announce a seminar featuring two special guest
speakers from Chatham House. The seminar is co-hosted by the Joint Program on
the Science and Policy of Global Change and the MIT Energy Initiative.
For more information, please visit the MITEI website at <a
href="http://mit.edu/mitei/news/seminars"
title="http://mit.edu/mitei/news/seminars">http://mit.edu/mitei/news/seminars</a> or contact
Jameson Twomey at <a href="mailto:jtwomey@mit.edu"
title="mailto:jtwomey@mit.edu">jtwomey@mit.edu</a>. We hope you will join
us.<o:p></o:p></span></font></p>
<p class=MsoNormal><font size=3 face="Times New Roman"><span style='font-size:
12.0pt'><o:p> </o:p></span></font></p>
<p class=MsoNormal><font size=3 face="Times New Roman"><span style='font-size:
12.0pt'>***********<o:p></o:p></span></font></p>
<p class=MsoNormal><font size=3 face="Times New Roman"><span style='font-size:
12.0pt'><o:p> </o:p></span></font></p>
<p class=MsoNormal><b><font size=3 face="Times New Roman"><span
style='font-size:12.0pt;font-weight:bold'>Time is running out for the
oil-exporting states</span></font></b><o:p></o:p></p>
<p class=MsoNormal><font size=3 face="Times New Roman"><span style='font-size:
12.0pt'> <o:p></o:p></span></font></p>
<p class=MsoNormal><b><font size=3 face="Times New Roman"><span
style='font-size:12.0pt;font-weight:bold'>John V. Mitchell, Associate Research
Fellow, <st1:place w:st="on"><st1:City w:st="on">Chatham</st1:City></st1:place>
House and Research Adviser, Oxford Institute of Energy Studies</span></font></b><o:p></o:p></p>
<p class=MsoNormal><b><font size=3 face="Times New Roman"><span
style='font-size:12.0pt;font-weight:bold'>Paul Stevens, Senior Research Fellow
for Energy, <st1:City w:st="on">Chatham</st1:City> House and Emeritus
Professor, <st1:place w:st="on"><st1:PlaceName w:st="on">Dundee</st1:PlaceName>
<st1:PlaceType w:st="on">University</st1:PlaceType></st1:place></span></font></b><o:p></o:p></p>
<p class=MsoNormal><font size=3 face="Times New Roman"><span style='font-size:
12.0pt'> <o:p></o:p></span></font></p>
<p class=MsoNormal><font size=3 face="Times New Roman"><span style='font-size:
12.0pt'>Date: <b><span style='font-weight:bold'> Friday, September 12,
2008<o:p></o:p></span></b></span></font></p>
<p class=MsoNormal><font size=3 face="Times New Roman"><span style='font-size:
12.0pt'>Time: <b><span style='font-weight:bold'>2:00 pm</span></b><o:p></o:p></span></font></p>
<p class=MsoNormal><font size=3 face="Times New Roman"><span style='font-size:
12.0pt'>Location: <b><span style='font-weight:bold'>Room E40-496</span></b>
(<st1:place w:st="on"><st1:PlaceName w:st="on">Muckley</st1:PlaceName> <st1:PlaceType
w:st="on">Building</st1:PlaceType></st1:place>, <st1:Street w:st="on"><st1:address
w:st="on">1 Ameherst Street</st1:address></st1:Street>, MIT Campus)<o:p></o:p></span></font></p>
<p class=MsoNormal><font size=3 face="Times New Roman"><span style='font-size:
12.0pt'>Sponsor: Co-sponsored by the Joint Program on the Science and
Policy of Global Change and the MIT Energy Initiative<o:p></o:p></span></font></p>
<p class=MsoNormal><font size=3 face="Times New Roman"><span style='font-size:
12.0pt'> <o:p></o:p></span></font></p>
<p class=MsoNormal><b><font size=3 face="Times New Roman"><span
style='font-size:12.0pt;font-weight:bold'>Abstract<o:p></o:p></span></font></b></p>
<p class=MsoNormal><font size=3 face="Times New Roman"><span style='font-size:
12.0pt'><o:p> </o:p></span></font></p>
<p class=MsoNormal><font size=3 face="Times New Roman"><span style='font-size:
12.0pt'>Petroleum-fuelled prosperity is masking the challenge of oil depletion
and removing the sense of urgency that is desperately needed to promote
diversification in oil-exporting states. All eyes are on supply-demand dynamics
instead of how these countries’ economies can be sustained as oil and gas
resources deplete. <o:p></o:p></span></font></p>
<p class=MsoNormal><font size=3 face="Times New Roman"><span style='font-size:
12.0pt'> <o:p></o:p></span></font></p>
<p class=MsoNormal><font size=3 face="Times New Roman"><span style='font-size:
12.0pt'>A new report by Chatham House, Ending Dependence: Hard Choices for the
Oil-Exporting States, says today’s oil-price boom may be raising the
global profile and financial clout of oil-exporting countries, but it also has
increased their dependence on oil, (and gas) revenues. This cannot continue:
production will level off and eventually fall, and rising energy consumption at
home will reduce the amount available for export. For these countries to
continue to prosper, dependence on oil revenues must be reduced, but time is
running out for finding sufficient alternatives to sustain current or even
moderate rates of growth.<o:p></o:p></span></font></p>
<p class=MsoNormal><font size=3 face="Times New Roman"><span style='font-size:
12.0pt'> <o:p></o:p></span></font></p>
<p class=MsoNormal><font size=3 face="Times New Roman"><span style='font-size:
12.0pt'>The authors of the report will discuss this challenge and the hard
choices that the oil-exporting states face, and the implications for global
energy markets.<o:p></o:p></span></font></p>
<p class=MsoNormal><font size=3 face="Times New Roman"><span style='font-size:
12.0pt'> <o:p></o:p></span></font></p>
<p class=MsoNormal><font size=3 face="Times New Roman"><span style='font-size:
12.0pt'> <o:p></o:p></span></font></p>
<p class=MsoNormal><b><font size=3 face="Times New Roman"><span
style='font-size:12.0pt;font-weight:bold'>About the speakers<o:p></o:p></span></font></b></p>
<p class=MsoNormal><font size=3 face="Times New Roman"><span style='font-size:
12.0pt'><o:p> </o:p></span></font></p>
<p class=MsoNormal><b><font size=3 face="Times New Roman"><span
style='font-size:12.0pt;font-weight:bold'>John V. Mitchell</span></font></b>
received a lifetime achievement award for research from King Abdullah at the opening
of the 3rd OPEC Summit in <st1:place w:st="on"><st1:City w:st="on">Riyadh</st1:City></st1:place>
in November 2007. Mitchell has written three books, published by Chatham
House/Earthscan: The New Economy of Oil (2001); Companies in a World of
Conflict (editor, 1998); and The New Geopolitics of Energy (1996). He was a
contributor to Oil Titans by Valérie Marcel (Brookings/Chatham House, 2006),
and has written numerous reports, briefing papers and journal articles,
including Oil for Asia (Chatham House, 2007); A New Era for Oil Prices (Chatham
House, 2006); ‘L’autre face de la dependence énergétique’
(Politique étrangère, 2006). He retired in 1993 from British Petroleum where
his posts included Special Adviser to the Managing Directors, Regional
Co-coordinator for BP’s subsidiaries in the <st1:place w:st="on">Western
Hemisphere</st1:place>, and head of BP’s Policy Review Unit.<o:p></o:p></p>
<p class=MsoNormal><font size=3 face="Times New Roman"><span style='font-size:
12.0pt'><o:p> </o:p></span></font></p>
<p class=MsoNormal><b><font size=3 face="Times New Roman"><span
style='font-size:12.0pt;font-weight:bold'>Paul Stevens</span></font></b> was
educated as an economist and as a specialist on the Middle East at <st1:City
w:st="on">Cambridge</st1:City> and the <st1:PlaceType w:st="on">School</st1:PlaceType>
of <st1:PlaceName w:st="on">Oriental</st1:PlaceName> and African Studies, <st1:place
w:st="on"><st1:City w:st="on">London</st1:City></st1:place>. He taught at the
American University of Beirut in Lebanon (1973–79), interspersed with two
years as an oil consultant; at the University of Surrey as lecturer and senior
lecturer in economics (1979–93); and as Professor of Petroleum Policy and
Economics at the Centre for Energy, Petroleum and Mineral Law and Policy, University
of Dundee (1993–2008) – a chair created by BP. Professor Stevens
has published extensively on energy economics, the international petroleum
industry, economic development issues and the political economy of the Gulf. He
also works as a consultant for many companies and governments.<o:p></o:p></p>
<p class=MsoNormal><font size=2 face=Arial><span style='font-size:10.0pt;
font-family:Arial'><o:p> </o:p></span></font></p>
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