The news of a planned OPEC production freeze seemed to Jim Cramer a final act of desperation for petroleum producing countries to manipulate the price of crude above $40.
"Don't get too excited about the action in oil. If you want to profit off it, go to the oil companies that have continued to lower their break even costs … They have been the beneficiaries of anything that keeps oil in the $40s, which this statement might have done," the "Mad Money" host said.
On Wednesday, OPEC agreed to modest production cuts for the first time since 2008. Yet, Cramer only regarded the deal as "alleged" because Saudi Arabia's energy minister Khalid al-Falih specifically exempted Iran, Nigeria and Libya from the November production freeze agreement.
"I don't think the Saudis will give up all that market share. I do not see the Iraqis cutting back … So, the deal itself seems plainly fanciful on the face of it," Cramer said.