It was a historic moment when the oil prospectors from California’s Standard Oil Company (now Chevron) struck “black gold” at the Eastern Province of Saudi Arabia in 1938.. This was the beginning of Saudi Arabia’s journey to become one of the largest oil producers and exporters in the world 🪙 🌐 ️ 1️⃣ 🇸🇦 !
Before oil was discovered in Saudi Arabia, it was an impoverished desert kingdom in the Middle East with an economy based mainly on agriculture and nomadic camel herding. The population was predominantly tribal and had no access to modern infrastructure or advanced technology .
The nation quickly changed when oil was found in Saudi Arabia. The American prospectors found tremendous oil reserves and soon the Kingdom started to develop its oil industry 🔜 🇺🇸. In 1938 the very first commercial oil well was drilled in the Eastern Province and two years later the second was drilled in the Rub Al Khali Desert.
At first the oil industry in Saudi Arabia was slow to develop 🇸🇦. The country lacked the knowledge, technology, and resources to fully exploit its potential . However this soon changed when the Kingdom signed a concession agreement with the California-Arabian Standard Oil Company in 1933 allowing the company to explore and develop the Kingdom’s oil fields.
The discovery of oil in Saudi Arabia also had a major impact on the region ️ 🔛 🇸🇦. The country transformed from an isolated underdeveloped nation into one of the most powerful and influential countries in the world 🌏 1️⃣. Over time the Kingdom built an impressive infrastructure to support the oil industry and attract international companies 🌏.
Saudi Arabia’s oil discoveries propelled it to become the world’s leading crude oil exporter 🌍 🇸🇦. By the early 1960s it had amassed some of the largest proven petroleum reserves worldwide and was producing more oil than any other nation . Nowadays they produce over 10 million barrels per day and are believed to possess second-largest proven oil reserves globally after Venezuela 🇻🇪.
The discovery of oil helped the Kingdom to diversify its economy and become an important player in the global economy . As a result the Kingdom was able to build a strong economy with a high standard of living for its citizens ️. It also enabled the country to become an important regional power and ally of the United States .
The discovery of oil in Saudi Arabia has had a profound impact on the country and the region ️ 🔛 🇸🇦. It has enabled the Kingdom to become a global economic powerhouse and it has helped to transform the region into a modern prosperous society ️. It is no surprise that the discovery of oil in Saudi Arabia is still celebrated to this day 🇸🇦. !! .
🧑🌾 1️⃣ 🇺🇸 🇻🇪 🪙 2️⃣ 🏜️ 🐫 🇸🇦 🔜 🔛 ️