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Shipping & logisticsincoterms

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.

Frequently asked

What does Incoterms mean in oil and commodity trading?
Standardised international commerce terms published by the ICC, defining risk/cost split.
How do I check a counterparty that uses Incoterms in a deal?
The term itself is not enough to clear or condemn a deal. What matters is the counterparty behind the pitch. Screen that name for free against 8 sanctions lists plus PEP and OilFlow's first-party cluster corpus in seconds, or order the full 7-step dossier for $25, and confirm identity documents and banking details independently before you transact.

See also

fobcfrcifspa

Seen this term in a live pitch?

These terms show up in real deal pitches — some legitimate, some not. OilFlow screens the counterparty behind the pitch against 8 sanctions lists + PEP and a first-party-investigated fraud-cluster corpus, with a clearance verdict in under 30 seconds.