Editors' pick: Originally published Sept. 23.

Investors shouldn't take the OPEC meeting seriously next week, TheStreet's Jim Cramer, co-manager of the Action Alerts PLUS portfolio, said Friday from the floor of the New York Stock Exchange.

Here's the pattern, Cramer says: Crude oil falls to the low $40s. Rumors arise over a potential OPEC production freeze or a cutback, which would diminish supply and therefore send prices higher. This causes oil to rally. Then the OPEC meeting occurs, no cutback plan materializes and the price of oil falls back to the low $40s.

OPEC countries desperately need oil prices to move higher. But because the U.S. has become so good and efficient at pumping its own oil, countries such as Saudi Arabia and Venezuela don't dare cut production for fear of losing U.S. market share -- where a lot of their oil is imported -- to U.S. companies, Cramer explained.

These countries have a very low cost of production, he added, and they will continue to flood the U.S. with oil. investors shouldn't believe the hype when it comes to a potential production freeze. In fact, investors would be smart to consider trimming their exposure to the commodity, he concluded.

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At the time of publication, Cramer's Action Alerts PLUS had no position in companies mentioned.