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Saudia Arabia oil discoveries in 1947....
Saudia Arabia oil discoveries in 1947....
Item # 718429
November 28, 1946
THE NEW YORK TIMES, November 28, 1946
* Saudi Arabia oil boom
The top of page 2 has one column headings: "U.S. OIL TOWNS DOT SAUDI ARABIAN SOIL" "Record Boom Is Forecast--Potential Is Estimated to Exceed Our Own Reserves"
with smaller subheads (see photos). I suspect this is one of the few publications to report this particular event as other titles in our inventory do not.
Complete in 56 pages, rag edition in very nice condition.
AI notes: On November 27, 1946, Saudi Arabia officially entered the global oil market with the first export shipment of crude oil, marking a transformative moment in both Saudi and world economic history. The tanker D.G. Scofield, named after a founder of Standard Oil of California, departed from Ras Tanura, the newly constructed terminal on the Persian Gulf, carrying approximately 33,000 barrels of crude oil produced by the Arabian American Oil Company (Aramco). Although oil had been discovered in Saudi Arabia in 1938 at Dammam Well No. 7, known as the "Prosperity Well," full-scale development was delayed by World War II. By 1946, however, pipelines, port facilities, and refineries had been completed, allowing for the country’s first large-scale export. This event signaled the start of Saudi Arabia’s rise as a dominant force in the global energy market and laid the foundation for its oil-driven economy, eventually leading to the creation of Saudi Aramco, today one of the most powerful and valuable companies in the world.
Category: The 20th Century
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