Not goods at all, nor really an open market. Permission to drill was granted to American companies in exchange for a share of the profits to the royal family, and from that point forward the American government began to defend the interests of its corporations geopolitically. Very normal sort of arrangement, but absolutely responsible for the power and strength of the Saudi regime today.

Saudi Aramco is owned by the Saudi government. The Saudis have repeatedly been a pain in the ass to the US including the embargo, long before Prince Bonesaw and the savage murder he orchestrated.

Aramco was an American company though. The modern Saudi Aramco was founded in 88, and the underlying assets weren't actually Saudi-owned at all until the 70s.