For most of its history, Aramco was a secretive state-owned entity, its financial data hidden from the public. That changed under the vision of Saudi Crown Prince Mohammed bin Salman and his "Saudi Vision 2030" plan. The goal was to diversify the Saudi economy away from oil dependence. To fund this transformation, the government decided to sell a small percentage of Aramco to the public.
This gives Aramco the lowest production costs in the world. It also possesses the , the largest conventional onshore oil field in the world, and the Safaniya Field , the world's largest offshore field. Because their oil is so accessible and light (easy to refine), Aramco can remain profitable even when global oil prices crash to levels that would bankrupt smaller firms. 9com aramco
Some notable achievements and milestones in Saudi Aramco's history include: For most of its history, Aramco was a
In 1938, after years of fruitless searching, the Americans struck oil at . It was a gusher. This discovery led to the creation of the Arabian American Oil Company (Aramco). For decades, it was a joint venture between American oil giants and the Saudi state. However, by the 1970s and 80s, the Saudi government gradually bought out its American partners, renaming it the Saudi Arabian Oil Group , though the acronym "Aramco" stuck. To fund this transformation, the government decided to