OPEC set to miss output-reduction target

OPEC will cut crude-oil shipments by 2.5 percent in the four weeks ending May 2, putting the group short of its reduction target, according to Oil Movements.

The Organization of Petroleum Exporting Countries, producer of about 40 percent of the world

OPEC has completed 80 percent of the 4.2 million barrels of daily production cuts it announced last year to take affect in 2009, according to Oil Movements. That compliance is unchanged for the last three reports, indicating that OPEC is not getting closer to its target, Oil Movements founder Roy Mason said by phone today from Halifax, England.