Energy trade (India, crude procurement): Imports of crude oil/petroleum from national oil companies of producer countries with exportable surplus are typically made through which procurement mode? Focus on long-term bilateral supply arrangements with producer NOCs. Choose the correct mode.

Given data

• Procurement is from producer-country national oil companies (NOCs) with exportable surplus.

Concept/ApproachCrude for national buyers is commonly sourced via term contracts (longer-tenor agreements with set volumes/grades and pricing formulas). Spot/short-term tenders are also used for opportunistic cargoes, but the question explicitly ties to producer NOCs supplying regular volumes, which aligns with term contracts.

Final AnswerTerm contracts