Yes, not only that...
Oil supply is measured in “economically recoverable” oil. As the price of oil goes up, it becomes profitable to go after oil which is not currently profitable to go after. As that happens, the amount of economically recoverable oil increases exponentially. Let alone the fact that we only know of the “economically unrecoverable” we chanced apon, since who looks for economically unrecoverable oil?
Who says demand is going to consistantly increase? We’ve got falling populations now.