Falling oil prices since October augur Q4 reversal.

Saudi Arabia’s export revenues over the first nine months of 2018 are already within touching distance of the full year 2017 figure. The kingdom’s latest trade data shows that export revenues over the period are up nearly 27% ($58.7bn) year-on-year.

Unsurprisingly, oil revenues account for the vast bulk of the rise, given that at $71/B over this timeframe Saudi Arabia’s key Arab Light crude grade is up 40% year-on-year....