But the loss of Saudi and Gulf oil will result in an economic shock to the West, no doubt. But the shock will not be fatal for Europe, as it will be for the Muslim world, which will fall to ruin and starvation without its parasitic attachment to the West.
(Unless they figure out how to turn oil into food and clean water and medicine without trading it for Western currency first.)
Though we in the West are heavily dependent on foreign oil, your are right that the Arabs need us much more than we need them.