RE:RE:Oil Consolidationdo some DD on the deal made In 1938, Saudi Arabia is found to have vast quantities of oil. In 1943, with concerns growing about the diminishing U.S. oil production capacity, President Franklin Roosevelt declares Saudi oil vital to U.S. security and provides financial support. In February 1945, Roosevelt and Saudi King Abdul Aziz meet aboard a U.S. ship on the Suez Canal to discuss closer ties. A few years later, the world’s biggest oil field is found in Saudi Arabia, and the country quickly becomes the world’s largest exporter of oil—though it does not become a significant U.S. supplier for several decades.