Russian bank predicts oil below $100

MOSCOW, Aug. 15 (UPI) -- A major bank in Russia said Friday the price of crude oil on the world market could drop to $90 in weeks, prompting curtailed production from OPEC.

Alfa Bank, the largest private commercial bank in Russia, said crude could fall below $100 per barrel in the coming weeks, prompting the Organization of Petroleum Exporting Countries to consider a production cut, Business Intelligence Middle East reported.

"OPEC will likely defend US $90 a barrel or higher,'' said Alfa's Ronald Smith. "OPEC will remain firmly in control of the oil market for at least the next decade.''

Oil is down 23 percent from its July 11 high over $147 on a strong U.S. dollar.

OPEC meets Sept. 9 to examine production levels.