Saudi Arabia's Natural Resources

Saudi Arabia's Black Gold: A Historical Perspective

Saudi Arabia does not have the same variety of natural resources as Russia and China, but it has immeasurable wealth. KSA is the world's largest producer and exporter of oil.

The history of Saudi's "black gold" dates back to 1938. The American company Standard Oil of California (Socal) received the right to explore for oil from Saudi King Abdulaziz bin Abdulrahman Al Saud in 1933. Then, in the Dammam Dome near the Persian Gulf, Socal discovered large quantities of oil. In 1939, Saudi Arabia began limited exports.

In the end of the 1940s, Socal allied with other American oil companies. It was renamed the Arabian American Oil Company (Aramco).