Which Middle Eastern country is known for its wealth from oil deposits?

Saudi Arabia is widely recognized for its vast wealth generated from significant oil deposits. The country has some of the largest proven oil reserves in the world and has been a leading global oil exporter for decades. The economy of Saudi Arabia is heavily reliant on the oil industry, which accounts for a substantial portion of its GDP and government revenue.

The discovery of oil in the 1930s transformed Saudi Arabia’s economic landscape, leading to rapid development and modernization initiatives funded by oil revenues. This wealth has enabled the kingdom to invest in various sectors, infrastructure, and public services, further solidifying its economic position.

While other options like Iran and the UAE also have notable oil resources, Saudi Arabia's sheer volume of production and its critical role in the Organization of the Petroleum Exporting Countries (OPEC) underscore its designation as a powerhouse in the oil market. Egypt, on the other hand, does have oil resources but does not match the same level of wealth and significance in oil production as Saudi Arabia.