Monday, December 7, 2015

Cramer: OPEC meeting ‘devastating’ for US

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U.S. oil companies are going to be in a world of pain for a long time, especially after the latest OPEC meeting, CNBC's Jim Cramer said Monday.

"This is not 'longer and lower;' this is 'longer and much lower.' There's companies that are not going to be able to fund with futures; there're companies that are not going to be able to get credit," Cramer said on "Squawk on the Street."

Cramer made his remarks after the Organization of the Petroleum Exporting Countries decided not to lower production on Friday.

OPEC's decision pushed oil prices lower on Monday, with U.S. crude futures falling over 3 percent in midmorning trade. Internationally traded Brent also hit a 6½-year low.

"There is no cartel," Cramer said of OPEC. "The cartel was meant to keep the price controlled. They ended the cartel, and that's why this is happening."

US crude futures in 2015

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