Final answer:
Saudi Arabian oil reserves were discovered in 1933 and brought to the forefront in 1938 by the American company Chevron. These discoveries made Saudi Arabia a significant global economic power due to its control of over 20% of the world's known oil reserves.
Step-by-step explanation:
The substantial oil reserves in Saudi Arabia were discovered in 1933 when concrete evidence of these resources came to light in the eastern regions of the country. The American oil companies sought to lay claim to the exploratory work and the exploitation of these reserves. By 1938, Chevron, one of the US oil corporations, had successfully struck oil, securing the country's economic future.
The ramifications of this discovery were profound, shifting the global balance of power, especially as oil became a dominant force in the 20th century's economy. Saudi Arabia, as a consequence, possesses more than 20 percent of the world’s known oil reserves, rendering it a key player in global politics and economics. The establishment of Aramco, the state-run oil corporation, has further strengthened the country's control over its oil riches.
Saudi Arabia's emergence as a powerhouse in the oil industry has also largely defined the sociopolitical landscape of the Middle East since. Today, Saudi Arabia is both a major exporter of oil and a pivotal member of the Organization of Petroleum Exporting Countries (OPEC).