Calling a bottom for oil? Not so fast: Kilduff

Bear: $18 dollar oil

Is the oil bottom in? Pros discuss
Is the oil bottom in? Pros discuss   

A report by the International Energy Agency Friday fueled bulls and bears alike to debate over the fate of oil.

"Basically, they're saying, 'We see the bottom,' but they're not willing to call the rally, yet," Helima Croft, RBC Capital Markets global head of commodity strategy, told CNBC's "Power Lunch" on Friday.

The agency said it considers that non-OPEC output will fall by 750,000 barrels per day this year, some 25 percent more than the 600,000 barrels per day it previously forecast. In this same vein, this past week OPEC producers announced that a meeting with non-OPEC producers was in the works for March 20.

Still, the oil market is set for doomsday, according to John Kilduff, Again Capital partner. The expert told CNBC on Friday that plans of a production freeze by oil producers will "fall apart."

Bull: $50 oil

"We are still in the midst of a huge glut, the market has given OPEC and Russia a lot of credit about this freeze deal and this meeting that they may have," he argued. "My $18 call is not off the table."

Oil industry company Baker Hughes reported on Friday that U.S. oil rig drilling fell by 6 to total 386 this week.

Croft considers, however, that the efforts of controlling oil supply from producers is significant. In addition, she contended that while Iranians threaten to steadily up their productions there are limitations.

"They're a slower ramp up than expected," she said. "They're finding that the residual sanctions that have remained in place ... [are] making it harder for them to move their product."

While Kilduff maintains his position, Croft foresees $50 oil by the fourth quarter.

— Reuters contributed to this report.