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.

Natural gas is the hottest commodity in the world right now. It’s a key driver of global inflation, posting price jumps that are extreme even by the standards of today’s turbulent markets.

As businesses and individuals grapple with soaring energy costs, the situation could become significantly more precarious if Russia were to scale back oil and natural gas production, according to the head of Whitecap Resources.

Oil rose as investors weighed solid physical market signals against concerns that a global slowdown will erode demand.

Oil headed for the first monthly decline since November as OPEC+ completed the return of output it halted during the pandemic and the U.S. president said he’ll push allies in the Persian Gulf region to boost production next month.

​The world is heading for a “turbulent period” as tightening supplies of liquefied natural gas and oil exacerbate a global energy crunch, Shell Plc Chief Executive Officer Ben van Beurden said.