The move to reduce production rates and store excess bbl in the reservoirs will ultimately get to better overall profit. Better to hold back, keep oil in inventory for later sale at higher prices (lower discount). The Gulf refiners will be begging for heavy oil to run efficiently as Venezuela produces less.
For the same profit better to have (low volume)(high margin) rather than (high volume)(low margin).
Good to read about working with rail operators to resolve some of the transportation issues.
Press release seems to have an air of a rough Q1. Maybe it's a bottom with light at the end of the tunnel. Always looks worse, feels worse at the bottom.