That is the “abiotic” theory. Scientists still debate whether it is true.
Ok
Really ? What scientists, and when did they debate this ?
Take a million tons of dinosaurs. Bury the in soil and leave for a million years until the minerals in the soil replace all the calcium (bones) with other minerals in the soil. (That is how a FOSSIL is made).
Now, leave those fossils buried for millions of years. How much OIL will be produced by those fossils ?
NONE !
It is not possible to produce oil from an actual fossil.
It is possible to produce oil from the decaying matter of ANY life form on Earth. Including humans. It would be more accurate to call it HUMAN OIL than to call it FOSSIL OIL.
Bottom line: OIL is produced from the DEAD REMAINS of LIFE forms that have inhabited Earth.