Refineries don’t make more money by refining less oil. If they cut production, it is not in search of more profit. Most refineries operate at above capacity almost all year. They do have maintenance periods, along with the changing of blends.
Do you suppose full storage facilities could be part of the reason production is cut back?
I visit two small refineries in Los Angeles about a month ago that were both shut down due to horrible crack spreads. I posted this a couple of weeks ago and was questioned by skeptics who claimed to “not hear of refineries cutting production”. The recent refinery run rates as reported by the EIA (~82%) should remove this skepticism.