#RiskRewardRatio The History of Oil in Saudi Arabia

In the 1930s, Saudi Arabia was a poor and underdeveloped country. However, in 1938, oil was discovered in the Dammam region, which changed the course of the country's history.

The American oil company ARAMCO (Arabian American Oil Company) obtained the concession to exploit Saudi oil and began producing oil in large quantities. The wealth generated by oil transformed the Saudi economy and society.

In the 1970s, Saudi Arabia became one of the world's leading oil producers and joined OPEC (Organization of the Petroleum Exporting Countries) to influence global oil policy.

The wealth from oil allowed the Saudi government to invest in infrastructure, education, and health, significantly improving the quality of life for its citizens. However, dependence on oil has also generated economic and social challenges, such as a lack of economic diversification and social inequality.

The history of oil in Saudi Arabia is an example of how a natural resource can change the course of a country's history and influence the global economy.