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Jim Cramer: OPEC Needs to Cut Production for Oil to go Higher

Jim Cramer says in order to be able to get oil back in balance so that it can go higher OPEC has to cut production.
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Jim Cramer says in order to be able to get oil back in balance so that it can go higher OPEC has to cut production. That's because, he says, the United States and our continent are going to be self sufficient in about 18 months from now which is about 5 years ahead of schedule. Cramer says OPEC is split. You have countries like Nigeria, Venezuela, Iran and Iraq that are desperate for cash. Then you have a country like Saudi Arabia which does not need cash but is continuing to pump at high levels. Cramer says if you look at the budgets and you look at how much oil is slated to come out of our own ground, you recognize that OPEC is in real crisis. He doesn't believe oil is going to go below $70 and it's probably stabilizing around here but he says he's a seller of nat gas in this warner weather.

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