Crude oil could collapse to US$65 a barrel by the end of this year and slump to US$45 by end-2023 if a demand-crippling recession hits, Citigroup has warned.

It will take until late 2021 for global oil consumption to return to the 2019 level of 101 million barrels a day due to growth in economy, ,” Ed Morse, global head of commodities research at Citi, said in an interview during the S&P Global Platts Asia Pacific Petroleum Conference.