Air Carrier Flight Crew flying EMB-120 aircraft reported engine failure inflight.

Narrative

During cruise flight about 50 minutes from our destination of ZZZZ1; we received a Master Warning annunciation for oil followed by an 'Oil' aural warning. The oil pressure for the #2 engine appeared to be fluctuating in the yellow arc with the occasional dip below red line. After a few moments the oil pressure for the right engine dropped below red line and stayed there. Followed QRH procedure and performed an engine shutdown. We discussed diverting to ZZZZ2 (a larger airport with more services) but we did not carry data for it and although this was an [event]; we carried data for ZZZZ which has very little to no traffic and I am very familiar with the airport. Upon making the decision to divert we [advised ATC] and requested a descent into ZZZZ which was just 20-30 miles off our nose. A safe landing was performed in ZZZZ. We became aware of the event from the Master Warning annunciation and Aural Warning during cruise flight. Possible oil leak or high burn or engine oil. Followed QRH procedure which resulted in an engine shutdown and a diversion to ZZZZ.Suggestions: Maintenance Inspections