CIF

Also known as:

Cost, Insurance and Freight

CIF is term used to indicate pricing of a cargo of crude or refined product on a delivered basis, which would include the cost of the oil at the origin plus the cost of insurance and freight to deliver the oil to its destination. For a CIF sale, title to the oil passes to the buyer as the oil passes the discharge flange of the unloading ship.

This is in contrast with FOB pricing, which prices the oil just at its cost at origination.