"Oil exporters. that are big spenders, most heavily reliant on oil revenue and with the lowest capacity to make necessary policy adjustments would be most negatively affected," Moody's chief economist, Lucio Vinhas de Souza, wrote in the report.
He cited Venezuela and Russia among the countries most vulnerable to lower oil prices. Mexico, he added, is expected to be more resilient, given the limited exposure to oil in its external accounts and its conservative budget policy