Title: Arabia - Economy | Britannica
Headings: Economy of Arabia
Economy of Arabia
Content: Oil was discovered in Saudi Arabia in 1938, in Kuwait and Qatar in 1940, on the mainland of the Saudi Arabia/Kuwait Neutral Zone in 1953, on the mainland of Abu Dhabi in 1960, in Oman in 1964, in South Yemen in 1983, and in North Yemen in 1984. In 1951 oil was discovered in the Persian Gulf off Saudi Arabia, in 1958 in Abu Dhabi offshore, and in 1960 in the Saudi Arabia/Kuwait Neutral Zone offshore. Oil refinery on the island of Ḥālū in the Persian Gulf, Qatar. © Peter Sanders
In association with the oil are enormous amounts of natural gas. Making use of this gas commercially requires extremely large investments. Some gas is liquefied for local consumption or for export, and some is reinjected into the oil-bearing strata for storage and to help maintain pressure for oil production. The Arabian countries are attempting economic diversification, though the abundance of oil is a disincentive. Ancient mining sites bear witness to once-flourishing production of minerals: gold at the old mine of Mahd al-Dhahab in the Hejaz; silver at a mine in the mountains west of Maʾrib;