Dusseldorf Fears of a global recession are also leaving their mark on the oil market. The price of a barrel of crude oil (159 liters) could collapse to $65 by the end of this year and even to $45 by the end of 2023 if a demand-driven recession hits, according to a new analysis by Citigroup.
This forecast is based on the absence of any intervention by the producer group “Opec plus”, i.e. the 13 Opec countries and ten other state-owned oil exporters led by Russia, and a decline in oil investments, analysts Francesco Martoccia and Ed Morse wrote in their current report . North Sea Brent, the global benchmark in the crude oil market, was trading at 98.63 a barrel on Tuesday.
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