The Organization of Petroleum Exporting Countries looks set to cut production by a record amount just weeks after a previous motion to cut, as the oil price continues to hop back and forth over the $45 dollar-a-barrel mark after a six-month, $100 slide.

Opec had reportedly not fully complied with its last round of promised cuts, although wire services AP and Bloomberg cited Saudi Arabian Oil Minister Ali al-Naimi saying two million barrels would be cut at the cartel’s special meet in Algeria on Thursday.

The supermajors are already stockpiling oil in tankers, just as Russian oil companies got the okay from Moscow to produce less in 2009.

Opec’s basket of oils from the developing world’s was worth $42.53 on Thursday, although the Associated Press reported Singapore deals for January oil already at $44.25, suggesting a newfound belief in Opec production cuts.

Elsewhere, however, the spectre of new Iraqi, Iranian and oil sands production hitherto on hold is believe to be keeping prices low.