Cramer says the rebound in oil never had anything to do with Doha. It is blatantly obvious that it was always about supply in demand.
"I think the misinformation about oil is so legion these days that a vast majority of analysts and pundits got this whole oil minister meeting dead wrong from the very outset," the "Mad Money" host said.
The United States is pumping about 1 million barrels a day less than when it was at its high. With U.S. on the decline, Cramer expects oil production to drop to 8.6 million by year end from the 9.6 million produced in 2015. Meanwhile, the Saudis have produced about 10.1 million barrels a day.
"The idea that Russia was going to make a pact with the Saudis to keep oil frozen at these levels was a total fantasy. The Russians have no excess capacity," Cramer said.
Read More Cramer: Who really controls oil (Hint: Not US)
Cramer also took the time to circle back to stocks that he either didn't recognize or wanted to do more homework on before giving his opinion to callers.
One of those stocks was Aegion Corporation, a small company that is a leader in the infrastructure protection space. It provides proprietary coatings and linings that prevent corrosion in piping, bridges, tunnels and other waterfront structures.
Aegion has had a rough time in the past few years because about half of its business is related to energy and mining. On the other hand, its CEO has started to implement a major restructuring program.
So, while the stock is inexpensive, Cramer suggested taking a pass. "I believe oil prices will stay lower for longer and that is not good for their business. There are easier ways to try to make money," he said.
In the Lightning Round, Cramer gave his take on a few caller favorite stocks:
ConocoPhillips: "I think ConocoPhillips is good, but I prefer Occidental, which my charitable trust owns ... I like the dividend, and I like the fact that it did not cut it."
Revance Therapeutics: "That is a company that to me looks a little like Allergan, which is down ... my trust owns it and everyone has given up on it. I've got shorts telling me now that at $219 you've got to short it. 19 down, 100 up, OK?,"
Read More Cramer: 3 stocks I got wrong