Morgan Stanley's Chief Economist, Xing Ziqiang, delivered a keynote speech at the summit.

He presented a striking international comparison: the past five months of the U.S.-Iran conflict have triggered a global energy crisis. The United States has been continuously drawing down its Strategic Petroleum Reserve, depleting inventories to their lowest level in 43 years. Meanwhile, in Europe, a lack of cooling equipment means less than one-fifth of households have air conditioning, forcing many to simply endure the heat.

Xing Ziqiang shared that since oil prices surged due to the conflict, different countries have adopted starkly different approaches to manage the price increase. The United States has relied on its domestic oil and gas production and its previous strategic stockpiles, continuously using and depleting these reserves, even exporting for profit. However, it is now evident that the U.S. strategic crude oil reserve has fallen to just 320 million barrels—the lowest point in 43 years. This indicates that over the past five months, it has been consistently drawing down inventories, moving closer and closer to critically low levels.

Europe is also facing shortages of imported oil and gas. Particularly with recent global weather instability and a significant El Niño phenomenon, Europe has already experienced three heatwaves this summer, with daily average temperatures exceeding historical norms by 3 degrees Celsius. Major rivers, including the Rhine, have reached their lowest water levels in decades.