The LOI as it is now used is a misunderstood application of poorly informed brokers and traders. A more proper application based on established custom and practice in International trade, going back even to the old medieval "Law Merchant" (Lex Mercantilis) is: Buyer requests a quotation _ in modern usage this is an RFQ/Request For Quotation _ NOT an LOI. Seller may then reply with a Quote. Buyer confirms receipt of quoted prices, and requests an Offer.
He is a Crude Oil Buyers' Mandate for several giant U.S. and European crude oil and petroleum products buying houses and refineries, and a Consultant, as well, to private investors, entrepreneurs and corporations on how to obtain genuine crude allocation and license with the Nigerian authorities to become an authorized seller of Nigerian crude oil. He has been severally dubbed the "unofficial anti_scam czar" and the "conscience of the business" in the modern Internet petroleum trading market.