NEW YORK (TheStreet) -- Oil producing cartel OPEC will meet on November 30 to see if it can come to a deal regarding a cap or freeze on oil production, which has been weighing on the market. The global excess of petroleum products over the last two years has pressured oil prices.
In June of 2014 oil prices peaked to more than $100 per barrel, today prices are in the $45 to $50 per barrel range. OPEC has in the past been adamant about keeping production levels high in order to maintain market share.
CEO Bob Dudley of integrated oil and gas company BP (BP) says the market is pessimistic about the probability of OPEC coming to a deal. He sat down with Bloomberg's Erik Schatzker to discuss oil supply and demand as well as the OPEC meeting. Portions of the interview aired on "Bloomberg Markets: Americas" on Tuesday.
"If you look at supply and demand today the balance is, it's generally a balance right now. Demand is growing in China, in Europe, and in North America," Dudley said. "But you have this tremendous level of stocks around the world and it's going to take a long time to drain them off."
Were OPEC to come to a deal it would "send the signal" that those stocks will drain, he continued.
It would surprise the CEO if only one or two countries, or possibly just Saudi Arabia, cut production.
"I think they'll try to reach some consensus, I'm sure that's the objective," Dudley said. "But we'll just have to wait and see."