February 24, 2016 – Real Money
Jim Cramer Calls Saudi Arabia, Russia Oil Deal a Hoax
By: Jim Cramer
It was always a hoax. That's what I have to say about the so-called deal between Saudi Arabia and Russia to limit oil production to slightly more than 10 million barrels each if Iraq and Iran don't raise their production further than current levels roughly between 3.5 million and 3.25 million barrels a day.
It was always the stated goal of both Iraq and Iran to dramatically raise production, which would then put pressure on Russia...