It depends. If you think it just seeps up from the earth's core, then you're a lunatic. If you think it is derived primarily from organic matter like dead plankton, plant material, and fish poop that sinks to the ocean floor and is eventually buried, I'd say you're correct.
Nobody is arguing that oil comes from dead dinosaurs or other reptiles.
If it comes from garbage on the ocean floor that gets folded under at the edges of the continents, then the supply is still endless.
Yeah, settled question.