The Rise of Saudi Arabia's Oil Empire

Saudi Aramco, originally founded as the California-Arabian Standard Oil Company in the 1930s, began its journey after oil was discovered in the Eastern Province of Saudi Arabia. The company was established through a partnership between Saudi Arabia and Standard Oil of California (now Chevron). Over the decades, it grew from a regional enterprise into the world’s largest oil producer, pivotal in the development of Saudi Arabia's economy and its global economic influence.

By the 1950s, Aramco had discovered some of the largest oil fields in the world, including the Ghawar field. The Saudi government gradually acquired a larger stake, eventually taking full ownership in 1980, renaming it Saudi Aramco. This marked the beginning of its transformation into a global energy giant.