I don’t agree with that article, USA is still importing over 8 million barrels a day, how can we be flooding anyone with oil when we don’t have enough for our own use.
...” we don’t have enough for our own use”...
Who told you that?
Maybe the oil that we're importing was already contracted and paid for; hopefully, at a much lower rate than the oil that we are currently selling. A profit off buying low and selling high would be nice ...
Part or perhaps all of the reason is because there are existing contracts for the purchase of foreign oil between American entities and foreign entities.
It is more profitable to fulfill the terms of the contract than to pay penalties for breaking the contract
It is amazing how few folks really understand economics. How could anyone be shocked that when two competitors create a void in the market, another competitor will be happy to fill the void???? Once the Russians and OPEC realize their gimmick to “fix” the market has backfired on them, they will start producing again and markets will stabilize. Further, production capacity and refining capacity are two different things and the former is far more elastic than the latter.
Logistics. Overall we are still a net importer but that can/will change very quickly. SA can no longer control us.
For the same reason we export Boeing Jets and import Airbus Jets. I am sure the oil expert here can tell you why.
We may export oil from the west coast but still import to the east and gulf coasts.
Arbitrage. Look it up.