By Gina Lee

Investing.com – Oil was up Monday morning in Asia, with supply the center of investors’ focus as Saudi Arabian state-owned oil producer Saudi Aramco (SE) increased its official selling price for crude.

The price rose 1.04%, to $83.60 at 12:55 PM ET (or 4:55 GMT), and increased 1.21% to $82.25.

Aramco raised Friday its official December selling price to Asia of its Arab light crude oil to $2.70 per barrel, compared to Oman/Dubai crude. This is an increase of $1.40 over November.

The producer’s move suggests “demand remains strong” after the Organization of the Petroleum Exporting Countries and allies (OPEC+) stuck to its plan to raise oil output by 400,000 barrels per day from December when it met last week, ANZ Research said in a note.

U.S. President Joe Biden’s administration will look at U.S. crude oil supply data from the American Petroleum Institute and the Energy Information Administration during the week, U.S. Energy Secretary Jennifer Granholm said on Sunday.

Oil’s recent rallies to seven-year highs alarmed Biden, who called for OPEC+ to increase supply. However, OPEC+ is unlikely to change its stance, and Aramco’s move is also a signal that Saudi Arabia will continue to resist U.S. pressure to pump faster, said Mike Muller, the head of Asia for Vitol.

The Asia Pacific region saw its October level fall to the lowest in three years. Due to rising prices, state-owned refiners were unable to purchase while independent refiners are limited in their ability import crude.