Cramer: The Best Trade on Iraq's 'Easy Oil'
BP will be a “huge winner,” Cramer said during Monday’s Stop Trading!, for investing in Iraq ahead of the competition. Some on Wall Street had criticized the oil and gas firm for its early move into the country, but the stock has done “nothing but go up” since then.
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“People understand that being friendly with the Iraq government,” Cramer said, “could mean a lot of good things.”
Cramer called Iraq’s reserves “the easy oil” because of their accessibility, which is much different than the deepwater drills in the Gulf of Mexico.
“You buy companies when they drill in Iraq now,” Cramer said, “because it’s low-hanging fruit.”
The Mad Money host said that Schlumberger may mention Iraq when it reports earnings on Friday and National Oilwell Varco could see a pick up in orders. He urged Exxon Mobil to move into the country “before BP locks it all up.”
“I think that this is the great next level for oil,” Cramer said of Iraq.
Cramer's charitable trust owns BP.
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