Citigroup Inc. warned that crude oil may collapse to $65 a barrel by 2022-end and slump to $45 by the end of 2023 if a demand-crippling recession hits, reported Bloomberg.

 

The outlook is based on an absence of any intervention by OPEC+ producers and a decline in oil investments, the bank’s analysts said in a July 5 report.

 

Citi’s outlook compared the current energy market with the crises of the 1970s. Currently, the bank’s economists do not expect the US to dip into recession.

 

The historical evidence suggests that oil prices fall in all recessions to roughly the marginal cost, the report stated.

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