Russia overtook Saudi Arabia as the world’s largest crude producer in July, just one month after the kingdom took the top spot for the first time in six years. Production in Saudi Arabia, OPEC’s largest producer, fell to 9.8 million barrels a day (bpd) in July, down from 10.1 million bpd the previous month, according to data from the Joint Organization Data Initiative. Russia pumped 9.92 million bpd in July, up by 20,000 barrels from June, said the website. Saudi Arabia production reached a 31-year high in March as the Gulf state moved to compensate for declining Iranian exports. More from Arabian Business The World Bank is willing to provide Lebanon with financial and technical assistance to help offset the impact the volatile situation in the region could have on the country’s economy, it has said. This strong message of support came from the Bank’s vice president for the Middle
