Citi Predicts Oil Prices Plunging 36 Percent in Case of Recession

An aerial view shows oil tanks of Transneft oil pipeline operator at the crude oil terminal Kozmino on the shore of Nakhodka Bay near the port city of Nakhodka, Russia, on June 13, 2022. Picture taken with a drone. Tatiana Meel/Reuters

Investment bank Citigroup is predicting oil prices to tumble by the end of the year if the world slips into a recession.

Crude oil prices could end up at $65 per barrel by the end of 2022, analysts from the bank said in a July 5 note, Bloomberg reported. By 2023, prices could collapse further to $45. The prediction is contingent on a decline in oil investment and the absence of any market intervention by OPEC+.