In a word. 'ARAMCO'

For nearly 30 years, 1940's to 1970's - ARAMCO (US) was the largest supplier of oil and center for trillions of dollars in direct taxes to the Government.

What is less known is that soon after WW I, American companies were excluded from the Middle East by the United Kingdom and France under the San Remo Petroleum Agreement of 1920; although Herbert Hoover, secretary of commerce, pushed for 'Open Door Policy' in 1921.

On 29 May 1933, in a close tender bid for rights for exploration, the Saudi Arabian government granted a concession to SoCal (predecessor of ARAMCO) in preference to a rival bid from the Iraq Petroleum Co - headquartered in London. IPC then had monopoly on all oil exploration and production in Iraq.

ARAMCO's profit sharing with SA - 1950
In 1950, King Abdulaziz threatened to nationalize his country's oil facilities, thus pressuring Aramco to agree to share profits 50/50 - and the company's headquarters were moved from New York to Dhahran

ARAMCO's nationalization began in 1982 and ended in 1976
In 1973, following US support for Israel during the Yom Kippur War, the Saudi Arabian government acquired a 25% "participation interest" in Aramco's assets.

It increased its participation interest to 60% in 1974 and acquired the remaining 40% interest in 1976

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In Sept. 1990, start of the Gulf War, Saudi Aramco began replacing much of the oil production removed from the global market due to the embargo of Iraq and occupied Kuwait.

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Saudi ARAMCO goes Public



In 2018, (well before the Coronavirus crisis), Saudi Aramco decided to make an initial public offering of 5% of its ownership stake in the Riyad / New York Stock Exchange.

In December 2019, (just before the Virus strike) Saudi Aramco raised US$25.6 billion in its IPO, making it the world's largest IPO for several months, succeeding that of the Alibaba Group in 2014.

On 9 August 2020, Saudi Aramco reported a 50% fall in net income for the first half of its financial year, as demand for oil and prices continued to fall due to the coronavirus crisis.

This came after Saudi Aramco lost its title as the world’s largest listed company by market capitalization to Apple, on 31 July 2020


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To my knowledge, Saudi ARAMCO oil production / reserves began to lower during the final year of Trump's presidency. - In my opinion, the Reserves may last another decades - before production costs increase product costs - assuming oil sanctions are lifted on Iran and Russia by then.

- The excerpts are from Wiki - customized with opinions.