TheStreet’s Action Alerts PLUS Portfolio Manager Jim Cramer said he sees oil production coming close to equilibrium with supply and that should keep prices at around $50 a barrel. Cramer gives investors a quick review of what’s happening globally with oil producers: China is producing 300,000 fewer barrels a day, the U.S. is producing one million fewer barrels a day, Iran is not adding as much capacity as many believe, Iraq is pumping a little more and Venezuela is not paying its’ bills so companies like Schlumberger SLB are not pumping as much. Cramer said, ‘This is all about production cuts and an increase in demand.
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