Tag: SA: Oil Empire

NOVANEWS Part 1 Oil Empire In 1938, the American geologist Max Steineke discovered oil reserves south of the city of Dammam in eastern Saudi Arabia, at a depth of 1,440 meters. A Saudi oil well, circa 1940. Credit: Universal History Archive / JTV The reserves turned out to be the biggest in the world. Giant pumping and refining facilities appeared around Saudi Arabia, which became an oil power able to dictate the global agenda. Oil and gas facilities in Saudi Arabia in 2018. Video: Al Arabiya Down the decades, oil seemed to grant Saudi Arabia unassailable status. But now the U.S. is changing the rules. Eight decades after the dramatic discovery, the sun is setting on Middle East dominance over the global energy map. Saudi Arabia, Oil Superpower, Now Forced to Play by Others’ ...