Saudi Arabia cut the price of its main oil grade for Asia next month, but it remains near a historic high hit in May as the war in the Middle East disrupts supplies.

State oil giant Saudi Aramco lowered the official selling price for its flagship Arab Light crude for June by $4 a barrel to a premium of $15.5 over regional benchmarks, according to the company’s price list. Asia is the largest destination for Middle Eastern crude.

Still, the premium in June remains the second-highest on record after crude soared over the war involving the U.S. and Iran. Iran has effectively shut down the Strait of Hormuz, a waterway through which one-fifth of the world’s oil is transported, causing the largest oil-supply shock in history.

On Sunday, the Organization of the Petroleum Exporting Countries and its allies agreed to raise production by about 188,000 barrels a day in June, a third consecutive monthly increase as the cartel sought to calm the markets, and signal that its policies remain unaffected after the departure of the United Arab Emirates.

With the effective closure of the Strait of Hormuz, the production increase was largely viewed by analysts as a statement of intent rather than a market-moving event.

In effect, the price that buyers ultimately pay for Arab Light may be higher than Aramco’s price suggests, according to ING analysts Warren Patterson and Ewa Manthey.

The price assumes loading from Ras Tanura in the Persian Gulf, however “this is clearly not happening,” the analysts said. Crude is instead being loaded from the Red Sea port of Yanbu, they noted.

“As a result, final prices may be higher to reflect the logistical costs of shipping from the Red Sea,” the analysts said.