The claim was made on the basis of a 2006 Ecuadorian law (Law 42) by which the government has a right to 99% of the oil revenues above a certain "reference price", mostly arbitrary.

CENTERFORSECURITYPOLICY: Center For Security Policy

They cannot actually set a reference price for globally traded crude oil, and what ability they once had to balance the market has declined as traders have become more skeptical that the Kingdom is ready and willing to ramp up its production as much as it says it can.

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