The oil slide is not over yet — we still have a few dollars to go, Francisco Blanch, head of global commodities at Bank of America Merrill Lynch, told CNBC's "Closing Bell" on Friday.

"We are still in the middle of a major Chinese yuan depreciation wave, we still have to get the Iranian barrels ... we also have refinery maintenance ahead of us, which means inventories for crude oil are going to build," said the expert, noting that this is just the natural pace of the market.

The market cycle isn't the only thing that worries investors. Saudi Arabia's state-owned oil company on Friday confirmed that it has been considering options to allow public participation on its equity.

Don't panic, Blanch said, because in a scenario where shares of Saudi Aramco begin to float into the market, there won't be any price implications for oil right away.