Saudi Aramco, officially the Saudi Arabian Oil Company, is the state-owned national oil company of Saudi Arabia and the world's largest oil producer by volume. Established in 1933 as the California-Arabian Standard Oil Company through a partnership with Standard Oil of California, it evolved from American-controlled concessions to full Saudi ownership by 1980, with the official establishment of Saudi Aramco in 1988. Headquartered in Dhahran, the company operates globally in exploration, production, refining, chemicals, distribution, and marketing, overseen by the Saudi Ministry of Energy. It holds the world's second-largest proven crude oil reserves (exceeding 270 billion barrels as of 2024) and boasts the lowest production cost per barrel (approximately $3.75), making it one of the most profitable companies in history. A landmark 2019 IPO raised over $25 billion, though the Saudi government retains majority control. Saudi Aramco plays a pivotal role in global energy markets, Middle East geopolitics, Saudi Arabia's economy (including Vision 2030 diversification efforts), and international relations, while facing scrutiny over environmental impacts and human rights concerns.