I believe there eventually will be a peak production point where we produce less. I do not believe the production rate will forever increase for eternity.
But I do not believe that point is near at hand. Nor will it necessarily be created due to a lack of oil available. It will be driven by economics and most likely new discoveries in other energy sources.
The stone age didn't end because we ran out of stones. But we did become less dependent on them as we chose better tools to use.
LOL..great example! Also firewood (displaced by coal), whale oil (displaced by petroleum).................and on and on. Human ingenuity.......the unappreciated resource.
Hopefully we will have an alternative energy by then... but for now... there is no peak oil... and there may never be.