Saudi Arabia, a leading global player in the oil industry, relies on oil for nearly 90% of its budget revenue. The country, which discovered oil in 1938, now holds a significant portion of its reserves in the extensive Ghawar Field, one of the world's largest conventional oil fields.
Saudi Arabia is one of the top global players in the oil industry. Oil accounts for close to 90% of the country’s budget revenue. The country that first discovered oil in 1938 now has a majority of its oil reserves in the vast Ghawar Field, considered one of the world’s largest conventional oil fields.
As a leading OPEC member, the state-owned Saudi Aramco plays a pivotal role in oil exploration, production, and export.
The history of oil exploration in Saudi Arabia:
On March 3, 1938, an American-owned oil well in Dhahran, Saudi Arabia, tapped into what would later be recognized as the largest known source of petroleum in the world.
