Not to mention fertilizers, and a host of other uses.
Saudi Arabia is no longer the world's largest oil producer (Russia has that title). Saudi Arabia is no longer the largest petroleum supplier to the United States (Canada has that title with Mexico close behind). In addition, Saudi has almost no excess capacity, so it has lost the ability to increase supply. It is basically producing at or near its peak capacity, which is about 12% of global output. So the question might be, can the other 112 petroleum producing nations pick up 12% more capacity?
Among large producers, that's not an idle question. Russian oil reserves are remote, and significant infrastructure would be required--but high prices would provide a means for investment. United States reserves are problematic, in view of the Deepwater Horizon and the sensitivity of arctic exploration--but there's nothing like an energy crisis to refocus political attention. Canadian petroleum faces extraction issues, and environmental concerns--but is ideally placed to answer non-fuel needs.
So, yes, Saudi is important. But the loss of Saudi production is not a world ender.
_________________
--James