If Brent falls under $90, OPEC cuts coming: Strategist

Global commodities slide

Oil continued to get hammered Friday, with Brent crude futures briefly falling under $92 a barrel. If it eventually goes below $90, then strategist Helima Croft thinks there may be some cuts coming from OPEC producers.

Brent falling through $90 would put Saudi Arabia and other producers in a "real fiscal bind," Croft, chief commodities strategist at RBC, said in an interview Friday with CNBC's "Power Lunch."

"If we fall through a $90 number, I do think the Saudis will be under pressure ... to really hold an emergency OPEC meeting."

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Brent crude for November delivery fell more than $1 to $92, after earlier touching $91.48 a barrel, its lowest since June 2012. It was the fourth consecutive day of declines.

An Iraqi worker walks past a tanker docked at a floating platform on offshore from the southern Iraqi port city of Al Faw.
Haidar Mohammed Ali | AFP | Getty Images

U.S. November crude ended down $1.27 at $89.74 a barrel, its lowest close since April 2013. The contract has lost around $2 this week.

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Prices are down despite geopolitical risks remaining "very, very high," Croft noted.

"The premium should be there, but given the soft demand and the strong growth in North American production there's a sense in the market that geopolitics just isn't mattering right now," she said.

"What's amazing right now is you've had the return of production in some very, very volatile countries like Libya, which is leading a lot of market participants to believe that the supply picture is going to remain fundamentally robust."

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—Reuters contributed to this report.