Oil prices are expected to reach 45 65 a barrel this year and تک 45 a barrel next year

Oil prices are expected to reach 65 65 a barrel this year and 45 45 a barrel next year

Riyadh (Daily Pakistan Online) US investment bank Citigroup has expressed the possibility that if the global recession starts, crude oil prices could reach 65 65 this year and 45 45 per barrel next year.

According to Arab News, Citigroup analysts Francisco Martusia and Ed Morris said in their report that if OPEC and APEC Plus did not intervene or reduce investment in the sector, oil prices could fall. The report comes after Citigroup analysts compared the current state of the energy market to the energy crisis of the 1970s.

The report says that historically, oil demand declines when there is the worst recession in the world, but if oil prices are examined, it falls in all types of recessions.

It should also be noted that this prediction of Citigroup is quite different from the prediction of another investment bank JP Morgan a few days ago. Analysts at JPMorgan had feared that if Russia cut oil production, the price of crude oil in the world market could reach 3 380 per barrel.

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