Discussion
The import of crude oil and petroleum done from national oil companies of producer countries, which have a net exportable surplus of oil is by
Answer: A
Crude oil bought directly from the national oil companies of producing countries that have a surplus for export is purchased under term contracts - long-standing agreements covering fixed quantities over a fixed period, at prices tied to an agreed formula.
Tenders, whether term or monthly, are competitive bids used mainly for spot purchases from traders, not for government-to-government supply.
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