The numbers don't tell everything. If Arab oil flows stop, other industries will also stop. So, it is the criticality of oil supply rather than the dollar figures. Also, the Arab oil is not really priced at $70 but there are indirect agreements to share some surplus trade wealth to Arabs so that they get more than $70 for oil but doesn't put direct price burden on manufacturers & involves risk sharing. Similarly, USA is likely required to print some dollars and hand it to offshore accounts of Arabs as part of petrodollars. Due to secrecy, none of the details will be given out.
In short, yes, Arabs have greater control on on Chinese economy due to the actual value of oil being $200+ per barrel in terms of its utility. This is also how Saudis & GCC states maintain trillions in PIF after doling out investments, remittance etc to dozens of countries like India, Egypt, Pakistan, Bangladesh, Africa etc despite surplus balance of payments not accounting to that much.
