*The US’ reliance on crude from Saudi Arabia is small and falling. Imports from Saudi Arabia fell to a mere 395,000 b/d for July (the most recent official monthly data), the lowest monthly figure in 32 years. And it’s not just Saudi, overall Gulf volumes at 764,000 b/d for July are also at their lowest level since 1987 (see chart).

*Saudi Crown Prince Muhammad Bin Salman in a 29 September interview with CBS listed the US first, ahead of China, in the countries disrupted by the...