TOKYO (Reuters – Oil prices rose Monday as Aramco, Saudi Arabia’s state-owned producer of oil (SE:), raised its official selling price for crude. It suggests that there is still strong demand in a tight supply environment.

The price of a barrel at $83.64 was 1.1% higher, or 90 cents. This is after a drop of almost 2% in the previous week. U.S. crude oil lost almost 3% on Friday, falling by 1.1% or 87c to $82.14.

Aramco on Friday increased its official December selling price to Asia of its Arab light crude oil to $2.70/barrel versus Oman/Dubai crude. It is up 1.00 from the previous month.

Aramco’s move suggests that “demand remains strong”, as the OPEC producer, and other large oil exporters, keep tight control on supply. ANZ Research stated in a note.

The Organization of the Petroleum Exporting Countries, along with allies like Russia, agreed last week that they would continue to work towards their goal of increasing oil output by 400,000 barrels each day starting in December.

The U.S. President Joe Biden called for OPEC+ production to increase barrels in order to lower rising oil prices. His administration said on Saturday that it has other tools to address the increased price.

China saw its oil imports drop in October due to lower prices. State-owned refiners held back purchases while independent refiners had to bring in limited amounts of crude.