The US financial institution Citigroup has warned that in the event of a recession, the price of crude oil could fall to 65 a barrel by the end of this year, while it is likely to fall to 45 a barrel by the end of 2023.
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Arab News quoted Bloomberg as saying that Citigroup, Francisco Martusia and Ed Morris said in a joint report that if the oil-producing and exporting organization and its allies, known as OPEC Plus, If no intervention is made by the government or the investment is reduced, the situation may escalate.
According to the report, this forecast has been made after the crisis of the 70s and the comparison of the current market.
Analysts say "historical evidence suggests that only in the event of a global recession does the demand for oil turn negative, while other recessions usually fall to a certain extent."
This Citigroup forecast is the exact opposite of JPMorgan's.
Analysts at JPMorgan, including Natasha Kineva, say prices could rise to ڈالر 380 a barrel if Russia cuts oil production due to US and European sanctions.
Crude oil fell 8.2 percent to 99 a barrel.
Brent crude also fell 8.8 percent to 10 103 a barrel.
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