watch now
The oil glut will help Saudi Arabia take out its competition, CNBC's Jim Cramer said Tuesday.
"I know Harold Hamm, from Continental, this morning was saying it's hurting the Saudis' interest. That's not true. The Saudis have a definitive game plan to wipe out U.S. production," Cramer said on "Squawk on the Street."
U.S. crude prices rebounded Tuesday, after hitting a 12-year low as oversupply concerns continue to plague the market.
"I know people are chasing the downside," Cramer said. "Now, as everybody gets more negative, it gets tougher to get through the $20s, but the Saudis are showing no signs of finishing."
"It's just a market-share game. There's nothing more to it."