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Exploring the strategic and economic partnership between the United States and Saudi Arabia, this overview highlights key moments such as the 1933 oil concession, the historic 1945 meeting between President Roosevelt and King Abdulaziz, and the strengthening of ties during the Cold War. It delves into the political and economic foundations of the alliance, including the petrodollar system and the central role of oil in shaping bilateral relations.
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The United States and Saudi Arabia established formal diplomatic relations in the early 20th century
Standard Oil of California
The 1933 oil concession agreement between Standard Oil of California and the Saudi government solidified the economic partnership between the two countries
Exclusive Rights to Oil
The agreement granted Standard Oil of California exclusive rights to explore and extract Saudi oil for 60 years
The King-Crane Commission report of 1919 identified the strategic importance of Saudi Arabia in the Middle East
The historic meeting between President Franklin D. Roosevelt and King Abdulaziz in 1945 solidified the strategic importance of Saudi Arabia as a counter to Soviet influence during the Cold War
The US-Saudi alliance was based on the US's demand for oil and Saudi Arabia's need for security and military support, particularly during the Gulf War of 1990-91
The US has utilized Saudi territory for military operations, further advancing American strategic interests in the region
Since the Cold War, Saudi Arabia's geopolitical significance has been pivotal in balancing against Soviet-aligned nations in the region
The US has consistently sought Saudi cooperation in mitigating regional threats, leading to significant collaborative efforts during the Gulf War of 1990-91 and the post-9/11 War on Terrorism
The extensive reciprocal investments and economic connections between the US and Saudi Arabia reflect their mutual interests and shared goal of addressing common threats
The petrodollar system, established in the 1970s, mandates that oil is priced in US dollars, sustaining demand for the currency and reinforcing the economic alliance between the US and Saudi Arabia
Saudi Arabia's role in OPEC helps stabilize global oil prices, indirectly bolstering the US dollar
The extensive reciprocal investments, including the operations of ARAMCO and Saudi holdings in US securities, highlight the depth of the economic relationship between the US and Saudi Arabia