An oil worker adjusts a valve releasing a spray of water while working on oil pipelines Thursday, Feb. 18, 2016, in the desert oil fields of Sakhir, Bahrain. (AP Photo/Hasan Jamali)
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Moody's has lowered the credit ratings of Oman and Bahrain and placed the remaining Gulf oil exporters on review for downgrade, saying low crude prices have weakened their economies.Although a relatively small exporter, oil and gas accounted for 75 percent of Bahrain's exports and 86 percent of public revenues between 2010 and 2014, Moody's said.For Saudi Arabia, it said oil accounts for 84 percent of exports, 40 percent of Gross Domestic Product (GDP) and 62 percent of consolidated government revenues.During the same period the kingdom's current account balance relative to GDP slid from a surplus of 18.2 percent to a deficit of 5.7 percent, Moody's said.
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