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The discovery and production of oil has [url=http://www.maximoupgrade.com/hot.php]hollister[/url] been absolutely critical to the economic development of the Kingdom of Saudi Arabia and its current status in the world as an [url=http://www.1855sacramento.com/moncler.php]moncler outlet[/url] influential and well regarded nation state with a great degree of political and economic clout. Furthermore, oil production is the basic [url=http://www.mquin.com/giuseppezanotti.php]giuseppe zanotti pas cher[/url] foundation upon which the Saudi economy is based and which fuels growth in several other industries. The origins of oil production in |Saudi Arabia, however, were relatively humble and began in harsh surroundings on a modest scale
The Saudi Arabian oil industry is wholly operated by the government owned [url=http://www.sandvikfw.net/shopuk.php]hollister sale[/url] oil company the Saudi Arabian American Oil Company (Saudi ARAMCO). As the situation stand today, it has the production capacity of roughly ten million barrels of oil per day and is undoubtedly the largest producer of crude oil in the world today ('History of Saudi Arabian Oil Company"). Saudi Aramco is solely responsible for the discovery, development and production of oil in a landmass that constitutes 16% of the territory of the Kingdom of Saudi Arabia ("History of Saudi Arabian Oil Company"). The operations of the organizational are pivotal in satisfying global energy needs as the 260 million barrels that exist within its area of control constitute 25% of the world's oil reserves ("History of Saudi Arabian Oil Company").
Saudi ARAMCO's position as one of the premier oil producing companies in the world was not achieved overnight, in fact its origin were that of a subsidiary of larger American energy giants. As [url=http://www.gotprintsigns.com/abercrombiepascher/‎]abercrombie pas cher[/url] explained during the introductory phase of this report, a royal concession was granted to a company named Standard Oil of California (Social) in 1933, allowing the sole right to search and produce oil in the Kingdom. Social l, in turn formed a subsidiary known as the California Standard Arabian Oil Company (Casco). Upon the discovery of commercial quantities of oil in 1938, oil production continued to increase and in 1944 Casco officially became the Arabian American Oil Company (ARAMCO). In 1948 two more American oil companies purchased significant stakes in ARAMCO; Standard Oil Company of New Jersey and Soconny-Vaccum and ARAMCO remained an American owned organization until the 1970's. However, the meteoric rise in oil production was matched by the increased presence of native Saudi's in the ARAMCO labor force ("History of Saudi Arabian Oil Company"). The Saudi control over ARAMCO began in earnest in 1973, due primarily to the increasing price and production of oil. The board of ARAMCO was forced to accept a sale of 20% of the company to the Saudi government, in order, to pre-empt a possible takeover ("History of Saudi Arabian Oil Company"). By 1974, Saudi control increased to over 60%. A deal was agreed in 1976, which allowed for the transfer of ownership of ARAMCO to the Saudi Arabian government by 1980. In effect, the Saudi government had purchased 100% of the organization in 1976, allowing existing American partners 19 cents per barrel ("History of Saudi Arabian Oil Company").
The large windfall in revenues due to the increased price of oil creating a substantial surplus of funds in the Saudi economy, and ARAMCO was used for the purpose of reinvestment. Between 1976 and 1980, ARAMCO given the task of undertaking several developmental projects that would lead Saudi Arabia towards the path of industrialization. These projects included: the master gas system (MGS) [url=http://www.1855sacramento.com/woolrich.php]woolrich outlet[/url] in 1975 and the formation of a subsidiary known as the Saudi Consolidated Electric Company (SCECO), which was tasked with the construction and operation of an electric grid system in the Eastern Province ("History of Saudi Arabian Oil Company"). Saudi ARAMCO continued to acquire several other Saudi companies such as the Saudi Arabian Marketing and Refining Co. (SAMAREC), while maintaining its partnership with American energy giants such as Chevron and Exxon Mobil through various ventures and subsidiaries within Saudi Arabia and abroad.
ARAMCO suffered from a period of declining oil revenues in the 1980's. This was brought about in part due to the unprecedented rise in oil prices [url=http://www.maximoupgrade.com/hot.php]hollister france[/url] forcing many countries and organizations to invest in "inter-fuel substitution" by replacing the usage of oil with other sources of energy such as natural gas. Furthermore, oil conservation measures were implemented by several countries and a dramatic increase in oil production in several regions of the world such as the North Sea, lead to increased competition.
This left Saudi Arabia in a difficult situation, where it had to either [url=http://www.1855sacramento.com/peuterey.php]peuterey outlet[/url] reduce oil production in an attempt to sustain current market prices or to lower prices in a bid to flood the market. Saudi Arabia responded by decreasing production from 9.9 million barrels a [url=http://www.sandvikfw.net/shopuk.php]hollister outlet sale[/url] day to 4 million barrels a day, between 1980 and 1985. However, by 1985, Saudi Arabia was no longer willing to watch its share in the world crude oil market decrease any further (while faced with a situation of constantly decreasing revenues) and attempted to regain its position as one of the world's largest oil producers by increasing production from 2.2 million barrels per day to 6.2 million barrels per day between 1985 and 1986. This resulted in an exponential decrease in the price of crude oil, to levels unseen since the rise in prices of the 70's.
This had a deep and lasting impact on ARAMCO leading to a large decrease in the workforce as well as reduction in the members of the board of directors. This resulted in a change of management and strategy at the highest levels of ARAMCO. A return to controlling the largest share in the world crude oil market was prioritized by the management but after the negative repercussions of price decreases [url=http://www.1855sacramento.com/peuterey.php]peuterey[/url] which were the consequence of production increases were felt, the management decided to devise a new strategy. This new strategy involved "downstream integration" a form of integration, which involved control over all levels of the oil industry; from the production of crude to filling stations ("History of Saudi Arabian Oil Company").
The significant rise in fortunes of the Kingdom of Saudi Arabia can undoubtedly be attributed to the discovery of large quantities of crude oil and other petroleum [url=http://www.achbanker.com/homes.php]www.achbanker.com/homes.php[/url] resources. This discovery has allowed a nation which previously lacked viable industries and a climate conducive for agriculture to become a major economic power with wide-ranging influence.
However, it must be taken into account that excessive dependency on one particular industry no matter how profitable it is in the short term, can result in problems. As explained y Ramady oil prices and thus oil revenues are extremely volatile (5) and are subject to several extenuating circumstance that cannot be controlled, such as; prevailing global political situations, climate and several other factors. These lead to fluctuations and create problems for governments that are attempting to budget for a financial period. Furthermore, the oil market has seen several crashes and booms during the past 4 decades. Furthermore, Saudi Arabia faces competition from other oil producing giants such as Russia and a resurgent Iraq. Keeping the above situation in mind, it would be in Saudi Arabia's best interests [url=http://www.mquin.com/giuseppezanotti.php‎]giuseppe zanotti soldes[/url] if it were to diversify its sources of revenues and initiate further programs which could result in the development of new industries in the hope that they may one day be as successful as the Royal concession provided to the Standard Oil Company of California.
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