Opponents of the reform, known as "chained CPI" in reference to the Consumer Price Index it involves, argue it hurts senior citizens and others who most need their benefits.

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That bar is the reference point for the price action that follows.

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Instead, the relative shares in the deal were struck by reference to both banks' share-price trading range over the past year.

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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.

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Chile could do the same with copper, instead of using Chicago as a price reference.

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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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