Citic Securities: Global oil inventories sharply reduced, energy shortages risk worsening.

CICC research report states that global oil inventory is sharply decreasing, and the risk of energy shortage is intensifying. The conflict between the US and Iran has led to the blockage of the Strait of Hormuz, causing global oil inventory to decrease at a record pace, increasing the risk of energy shortages in the summer. The market has relied on previous excess inventory, exemptions from Russian oil sanctions, and strategic oil reserves released by multiple countries to temporarily alleviate the pressure. High oil prices have also triggered a contraction in global oil demand. Currently, international oil prices are fluctuating at high levels, with US refined oil prices reaching new highs in many years. Several energy-importing regions in Asia are facing oil shortages, dragging down regional economic growth. There may still be significant room for oil price increases, and accelerating the development of renewable energy sources is a long-term measure for countries to resist energy risks.