Where do I encounter Incoterms in physical oil trade?

See the full definition and related terms above — including common scam patterns and legitimate usage in contracts, payment, and logistics.

All terms

Shipping & logistics

Incoterms

Standardised international commerce terms published by the ICC, defining risk/cost split.

Incoterms (current edition: Incoterms 2020) are standardised three-letter terms published by the International Chamber of Commerce (ICC). They define who pays for what and where risk passes from seller to buyer.

For oil the most common are: FOB, CFR, CIF, and less often DAP/DPU at discharge.

Incoterms do NOT cover payment, title transfer, or force majeure — that's all in the SPA.

Related: FOB, CFR, CIF, SPA.