Saudi Aramco is the state-owned oil organization of the Kingdom of Saudi Arabia and a completely incorporated, worldwide petrol and synthetics undertaking.
Saudi Aramco has the world’s second largest proven conventional crude oil and condensate reserves of 261.1 billion barrels. The average daily crude production of Saudi Aramco is 10.2 million barrels per day.
History of Saudi Aramco
Saudi Aramco, also called Saudi Arabian Oil Company was formerly known as Arabian American Oil Company.
The events that led to the formation of Saudi Aramco were the oil shortages of W.W.1., the San Remo Petroleum Agreement of 1920 and the “Open Door Policy” of the U.S. government in 1921.
In 1933 the kingdom of Saudi Arabia conceded Standard Oil of California (SoCal) a concession. Other U.S. organizations joined after oil was found close to Dhahran in 1938. In 1950 Aramco opened a pipeline from Saudi Arabia to the Mediterranean Sea port…
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