I've always wondered why people are so obsessed with petrodollar recycling? The USD has been a global reserve currency since the 1920s and superseded the GBP completely post-Bretton Woods. The petrodollar mechanism is not what caused the USD to be stable nor a safe haven asset. It's because the US has strong property rights, deep and liquid capital markets, a large and diverse economy and most importantly is willing to absorb the financial flows associated with being the reserve currency (mercantilist economies will not accept the appreciation these bring).