NEW YORK (TheStreet) -- ClearView Energy Partners managing director Jacques Rousseau appeared on CNBC's "Squawk Box" on Monday morning to discuss the uptick in oil prices over the last two weeks.
"On a big picture level," global inventories are affecting oil prices, Rousseau explained.
Last week, the market "got excited" about the Organization of the Petroleum Exporting Countries (OPEC) potentially cutting oil supply at their September meeting, he said.
However, two questions must be asked, Roussea said: "If an agreement is reached, will countries adhere to it? And if they adhere to it, will it matter?"
Historically, only Saudi Arabia has adhered to the quotes and in the last two years, the country has chosen market shares above cuts, Rousseau pointed out.
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In addition, oil levels are so high right now, that the cut would have to be significant to affect anything, he said.
"[Saudi Arabia] pulled oil off the market when it could support the price, but the way it works now is theres so much other oil, if they pull oil off the market, somebody else will put it right back on," he explained.
OPEC would need to take about half-a-million barrels of oil a day off the market to influence anything and even then, the effects wouldn't take place until the second half of next year, Rousseau said.
"I think we're in this game of back and forth until we can see something significant happen," he concluded.
Oil prices were lower on Monday morning as a result of a jump on fuel exports from China and a rise in the U.S. rig count, CNBC.com reports.
