Jim Cramer: There Is No More OPEC
Jim Cramer says there's no more OPEC - it's just Saudi Arabia versus Iran.
TheStreet's Action Alerts PLUS Portfolio Manager Jim Cramer said there's no more OPEC - it's just Saudi Arabia vs. Iran. 'There's no cartel at all,' Cramer said, adding that Saudi Arabia wants to keep producing oil in order to hinder Iran's abilities. On Thursday, OPEC members failed to reach a production freeze deal, following a meeting in Vienna. As for oil stocks, Cramer likes Occidental Petroleum (OXY) - Get Report , but pointed to a note from Bank of America Merrill Lynch saying it's time to sell Exxon Mobil (XOM) - Get Report . Cramer also said the closely watched commodity will trade between $40 and $50 a barrel.
At the time of publication, Jim Cramer's charitable trust Action Alerts PLUS held no positions in stocks mentioned.
