Cramer: The biggest problem in the oil space is creating some great investments

  • CNBC's Jim Cramer argues that a lack of international oil drilling has made stocks like Schlumberger very attractive investments.

There's a problem brewing in the oil space, but CNBC's Jim Cramer says it represents an opportunity for investors, not a reason to run.

"The biggest quandary in the oil market isn’t about what’s happening right now — skyrocketing prices with, actually, no lid in sight," the "Mad Money" host said Friday. "It's what's going to happen versus what should be happening."

If you ask Cramer, oil-rich nations should be re-investing the gains they're seeing from rising oil prices into exploring and drilling for more crude.

But many countries in OPEC are plagued by socioeconomic turmoil — look at Venezuela, Libya or Iran — that has prevented them from taking action when it comes to finding new oil banks.

"By this point in the cycle, all of these countries should be spending fortunes to discover new oil fields," Cramer said.

But it sure doesn't seem like they're gearing up for more exploration. And in the meantime, oil keeps climbing.

"That’s why it’s so tough to fight the oil tape, the one that wants to keep going higher" despite Trump's call on OPEC to "reduce pricing now" for oil, the "Mad Money" host said.

But the lack of international drilling creates a unique domestic opportunity, even as it poses a problem if oil prices continue to rise, Cramer argued.

"It’s not too late to buy the oil stocks, … especially the stocks of companies that are spending to find more petroleum," he told investors. "They’re going to be the big winners in the absence of nation-level exploration."

And by the time oil-producing nations "come to their senses" and start exploring, oil services companies will become good investments, too, he said.

"Schlumberger [is] the best of the breed: 3 percent yield, tremendous balance sheet," Cramer said. "We're telling members of the ActionAlertsPlus.com club that it represents the best value in the group."

All in all, with oil on the rise and no true ceiling in sight, "a barbell of oil service companies, betting these OPEC nations come to their senses, and aggressive oil producers from the U.S., makes a ton of sense here," the "Mad Money" host concluded. "I’d buy ‘em both right here, right now, and let ‘em ride."

WATCH: Cramer's call on oil as crude prices climb

Disclosure: Cramer's charitable trust owns shares of Schlumberger.

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