Oil prices are expected to fall to 65 a barrel by the end of the year.

This Citigroup forecast is the exact opposite of JPMorgan's. (File photo: getty images) 

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. 

Arab News quoted Bloomberg as saying that Citigroup, Francisco Martusia and Ed Morris in a joint report said that if the oil-producing and exporting organization and its allies, known as OPEC Plus, If no intervention is made or investment is reduced, the situation could escalate. 

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According to the report, the forecast is based on the crisis of the 1970s and the current market comparison. 

"Historical evidence suggests that only in the event of a global recession does the demand for oil turn negative, while in other recessions it usually falls to a certain extent," analysts said. 

Citigroup's forecast is in stark contrast to JPMorgan's predictions. JPMorgan analysts, including Natasha Kineva, say that if Russia cuts oil production due to US and European sanctions. Prices can go up to 380 a barrel.

Russia has become the largest supplier of oil to China

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