There is a growing “evidence” that oil is actually produced by the planet. IOW, It is renewed. The pace may or may not be enough to keep up with demand but we may never “run out”.
New crude sources are continuously being discovered in the world. Also, it has become evident that oil wells that have remained capped for years, because of their unproductivity, are showing higher pressures and crude levels in their formations.
When I was in college in the early 1970's, ALL the science classes that I attended had an obligatory screed that oil was going to run out by the end of the decade - there just wasn't anymore to be found.
It does seem that there is more and more evidence that oil is created by an abiotic process of methane percolating from the earth's core into its mantle/crust. I find it unconvincing that all those dead dinosaurs and their plants found their way down 7 miles to undergo a chemical change that is yet to be recreated in the lab. Places like the La Brea Tar Pits also pose a bit of a conundrum to the biotic oil folks..