Jim Cramer reminded investors just how important a company like Schlumberger is to the future of the oil patch. In fact, he attributed Friday's rally in crude to Schlumberger, which prompted him to believe that oil could find a bottom in 2016.
"What the heck made that rebound possible, and why do I expect that the $25 to $26 level might turn out to be a floor for crude?" the "Mad Money" host asked.
It all came down to the very moment that oil service company Schlumberger reported a fantastic quarter on Thursday, and spoke on its conference call Friday. The company confirmed that many oil players had drastically reduced spending, and cutbacks in production for places like Colombia, Mexico, Brazil and Australia.
"Given the enormous breadth of Schlumberger, and the excellence of its management team, this company's comments on the oil market carry more weight than pretty much anyone else out there," Cramer said.