Experts at the American financial group - Citigroup have warned that crude oil prices could crash to $65 a barrel by the end of this year, and fall to $45 by the end of 2023 if an economic recession occurs.

Analysts, including Francesco Martuccia and Ed Morse, said in the report that these expectations are based on the lack of any intervention on the part of OPEC + producers and a decline in oil investment.

Brent crude oil, the global index, has recently traded close to $113 a barrel.

Oil prices soared this year after Russia's invasion of Ukraine, while banks are now trying to chart their path to 2023 by raising interest rates.