National Oilwell (NOV - Get Report) and Saudi Aramco will form a joint venture to build rigs and equipment in Saudi Arabia, National Oilwell announced Monday. The joint venture will also create a center to train Saudis to operate and maintain the drilling equipment the venture will manufacture. 

"We are excited to bring together NOV's industry-leading technology, manufacturing expertise and rig products with Saudi Aramco's E&P capabilities," National Oilwell CEO Clay Williams said of the venture. National Oilwell will own 70% of the JV. 

Jim Cramer and the RealMoney team are on top of the volatile oil market and come with timely insights to help investors navigate commodity's ups and downs. Here is Jim's latest on what's moving crude prices and how investors should play the market