It's a classic case of bad for Main Street but good for Wall Street.
Over the weekend the Organization of Petroleum Exporting Countries announced surprise plans to cut production, with the proposed cuts starting in May and lasting through the end of the year.
DON'T MISS: Oil Surges, Stoking New Inflation Headache Following OPEC Production Cuts
The decreased production will be sure to drive up gas prices around the world, hurting regular citizens, but benefiting those invested in the oil industry.
Cramer is bullish on the oil industry at the right time after prices sunk as low as $73 and $67 per barrel internationally and domestically, respectively.
On Monday, West Texas crude prices jumped 5.4% to $79.75 per barrel while international benchmark Brent crude prices also climbed 5.4% to $84.23 per barrel.
But Cramer says he is not new to the party. He has been advising those who pay for his investment advice to purchase oil stocks even when prices were falling.
In a decision that preempts a meeting of OPEC members, as well as non-member allies such as Russia, slated for today in Vienna, nine members of the group unveiled plans to cut a further 1.66 million barrels of oil from its total daily output.
The agreement means OPEC+, which includes Russia, is taking nearly 3.4 million barrels of crude from the market each day, a level that's equivalent to around 3.7% of daily global demand.
Get exclusive access to portfolio managers and their proven investing strategies with Real Money Pro. Get started now.
