In this video, we delve into the incredible economic transformation of Saudi Arabia, driven by the founding and growth of one remarkable company - Aramco.
Chapters:
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00:00 - Intro
In 1968, Saudi Arabia's GDP was just $4 billion. Today, it’s at an astounding $1.1 trillion. But how did this happen? Join us as we uncover the journey behind these numbers.
00:45 - Chapter 1: Founding of Aramco in 1933
In 1933, with Saudi Arabia’s economy struggling, King Ibn Saud saw the potential in oil. He sought expertise from the United States, leading to a partnership with Standard Oil of California, now Chevron. This chapter lays the foundation of Saudi’s trillion-dollar story.
02:30 - Chapter 1 Part II: The First Oil Discovery
Despite initial struggles, perseverance paid off. By 1938, after years of drilling, a significant oil discovery was made at the 7th drill site in Dammam, producing over 1,500 barrels per day. This was just the beginning.
04:15 - Chapter 1 Part III: Expansion and Conflict
The 1939 oil export to Bahrain marked the beginning of Saudi's vast oil exports. World War II increased the demand for oil, leading to more discoveries. By 1950, tensions arose, but a profit-sharing agreement known as the "Golden Gimmick" resolved conflicts, setting the stage for future prosperity.
Further Reading:
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1. Saudi Arabia GDP History : www.macrotrends.net/global-me...
2. The Lucky 7 Oil Well : ognnews.com/Article/46303/Luc...
3. Golden Gimmick : en.wikipedia.org/wiki/Golden_...
#SaudiArabia #GDP #Aramco #OilIndustry #EconomicHistory #Chevron #Texaco #OilDiscovery
28 июн 2024
