In the May Action Alerts PLUS members' call, Jim Cramer talked about oil.  And clearly he's not very happy.

"Oil remains painful. We knew of our issues in Cimarex, (XEC) and we were constructive going into the quarter, that most knew of its desire to return to be more oil than gas. Yet no matter, when it reported the moves that it has made weren't enough, which is why we have chosen to augment the group with Anadarko (APC) , he said during the call.

So listen in as me talks more about Anadarko as the preferred exploration and production company and why oil is overextended.

He thinks the Saudis are part of the problem. Watch the video above to hear why!                  

Want more exclusive investing insight from Jim Cramer? Get 24/7 access to Jim's charitable-trust portfolio with a free trial to Action Alerts PLUS! You can also w atch all of Jim Cramer's New York Stock Exchange live shows on YouTube.

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