I don't think so, if US dollar is backed by Saudi Arabian oil then why it's current money value isn't the same as Saudi Real? U.S. dollars are backed by the full faith and credit of the U.S. Government, that is what I strongly believe for now.
the most important thing is that the dollar is used as an international currency, and is used by all countries so that more and more countries are using it, the stronger the value is. The support is supported by all world trade.