Speakers: John V. Mitchell, Associate Research Fellow, Chatham House and Research Adviser, Oxford Institute of Energy Studies; Paul Stevens, Senior Research Fellow for Energy, Chatham House and Emeritus Professor, Dundee University.Talk Abstract: 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. A new report by Chatham House 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. 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.