Significant Oil Reservoirs Discovered in Saudi Arabia (1938)

Prior to 1938, Saudi Arabia was not considered an oil-rich nation. Today, the oil industry dominates its economy, making up 90 percent of all Saudi exports. Oil was first discovered there in the mid-1930s by the US-owned Arabian Standard Oil Company, which became the Arabian American Oil Company. However, it was not until 1938 that a commercially viable oil field was found, yielding one of the largest supplies in the world. How large are Saudi Arabia's oil reserves estimated to be? More...