Several oil-producing nations woke up to lower credit ratings from S&P amid the latest oil price rout, Reuters reports, listing Oman, Nigeria, Mexico, Angola, and Ecuador among those downgraded and noting that Saudi Arabia and Russia escaped the downgrades. Oil prices have fallen by more than half since the start of the year, with the drop particularly steep after March 6 when OPEC+ failed to agree on deeper production cuts. In retaliation for Russia’s unwillingness to cut more production, Saudi Arabia said it would increase its oil output to 12.3 million bpd and boost production capacity to 13 million bpd. Russia, meanwhile, has stated it could live with oil at $25 for a decade if need be. The country’s budget for this year plans on an oil price of a little over $42 for the Urals blend, but it has liquid assets worth more than $150 billion in its […]