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US oil prod. marks first two-month increase since 2015

- The two consecutive monthly increase has been a first since the February-April period in 2015

U.S. oil production rose over two consecutive months, through September to November last year -- a first since early 2015, according to the U.S.' Energy Information Administration (EIA) Tuesday.

The U.S.' crude oil output rose by 230,000 barrels per day (bpd) to climb from 8.57 million bpd in September to 8.8 million bpd in October, the EIA data showed.

Production further increased by 100,000 bpd in November to reach 8.9 million bpd.

This increase over the two month period has been a first since the February-April period in 2015, according to the EIA data.

Oil production in the U.S. came under immense pressure due to low oil prices, which began plummeting in June 2014 from $115 per barrel.

Monthly oil output in the country fell from its average monthly peak of 9.6 million bpd in April 2015 to as low as 8.57 million bpd in September 2016, the EIA data showed.

American oil producers, however, seem to have shaken off the negative impact of oil prices, thanks to OPEC's decision to cut output, which pushed prices higher from their current range of $50-$55 a barrel.

Moreover, U.S. oil output is expected to continue its increase.

EIA forecasts domestic crude production to average 9 million bpd this year, and 9.5 million bpd in 2018, according to its Short-Term Energy Outlook report for February.

By Ovunc Kutlu in New York

Anadolu Agency

Ovunc.kutlu@aa.com.tr