
Countries are beginning to respond favorably to plunging oil prices, CNBC's Jim Cramer said Tuesday.
"Other countries and other continents are starting to react positively," Cramer said on CNBC's "Squawk on The Street." "We're getting a better feel from China and Europe because of this oil decline. The cavalry is beginning to come from this low oil, whereas we have continued to drill."
Cramer added that countries like China, India and Japan are benefiting from oil's drop because they are not producing oil. "At this point, they're net beneficiaries," he said. "In our country, there is a downside and a positive side, but there's no downside to China."
West Texas Intermediate and Brent crude both fell to six-year lows after Suhail bin Mohammed al-Mazroui, oil minister of the United Arab Emirates, said on Tuesday that OPEC would stand by its decision to not cut production, according to a Reuters report.
"I think oil is trying to make a stand here because so many people are bottom fishing," Cramer said. "I don't like it."
Cramer added that oil will continue to drop if countries such as Canada do not cut production. "Everyone was writing to me about how Canadian Natural Resources was going to cut back; they're cutting back drilling, but they're still going to grow production 7 percent," he said. "If you cut back drilling but not production, we're still going down."