03 March - Oil is discovered in Saudi Arabia.

 

The discovery of oil in Saudi Arabia is associated with the famous event that took place on March 3, 1938. American geologists, led by Max Steineke and John Philby, discovered oil in commercial quantities in the vicinity of Dammam in the Eastern Province of Saudi Arabia. This discovery marked the beginning of the country's significant role in the global oil industry.

Following this discovery, the Arabian American Oil Company (Aramco) was formed, and Saudi Arabia gradually became one of the world's leading oil producers. The revenue generated from oil exports has had a profound impact on the economic and social development of Saudi Arabia. The discovery on March 3rd is often considered a crucial moment in the history of Saudi Arabia and the global oil industry.