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Every month there's a base percentage of discovering resources, plus the increase from each tier of relating research, plus the oil research.
I believe that resources are less likely to be discovered in states with nominal infrastructure and population. In some of my other games, I've discovered oil almost immediately after researching the appropriate tech for it, but I've had a massive population, infrastructure limit and 30+ urban center level.
Even just to make some of those nations more playable or fun.
As for when its discovered in game. There is a roll occasionally to discover resources.
Scandinavian Congo 3 Oil Rigs, and Gabon 2 Oil Rigs, French East New Guinea 1/2 Oil Rigs, Sandinavian Eastern New Guinea 0/2 Oil Rig, and Papua (part of New Guinea as well, but not under my control) 0/4 Oil Rigs.
So I and others (French at least) are starting to find Oil Resources, in my case probably starting in the late 1880s (The Oil Pipeline Events that I got for Congo and Gabon have expired after running for several years, maybe 5 years each).
I do not see any Oil Rigs or Resources in States on the Middle East, including Saudi Arabia area.
Admittedly this is not a lot of Oil Resources found yet, but I see messages about them being found somewhere in the World.
added: I went into that 1895 Saved game and checked the Markets of various Counties and I found the following Sales/Production, format is from Oil Rigs / from Whaling Stations:
USA 1.00 k / 102
GB 364 / 54
France 181 / 98
Scandinavia (me) 364 / 55
Prussia and Austria had 0s in their markets
So as of 1895 in my current game Oil from Oil Rigs is definitely starting to be sold in some (at least 4) Countries' Markets.
Did you try looking at the Markets of various large countries to see how much Oil they were putting on their Markets? That is the easiest way to find out how much Oil is actually being produced in the World, and therefore you get an idea of how many Oil Resources that they are using, they may have more found that they are not using yet. It also gives you an idea of where to look to find where they found those Oil Resources.
IF you watch messages carefully, you should see messages about Oil Rigs and additional Oil Rigs being found in various states around the World.