S&P Cuts Oil Nations Ratings

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…