This is a continuous process, so it’s certainly possible that old oil fields can be or will be renewed over time (or not) and that new oil fields could also be created.
I don’t think the earth will run out or can run out of oil.
Agreed, there is a question if it can sustain our needs, either through new production or recoverable reserves.
We will see
Read the late Dr Thomas Gold’s book “The Hot Deep Biosphere “ he makes the case for abiotic complex carbon (coal, oil & natural gas) fuel production. Technically his argument is not completely abiotic since he hypothesises it comes from thermophile bacteria living in rock fissures and in between rock grains. They slowly consume “rock” output waste that and themselves are slowly processed again to make these fuels. The point is its ongoing i.e., continuous.
I don’t think its the whole story but part of the story. Also I have a hard time accepting the argument for coal. You find fossils in coal! Maybe anthracite! Anyway its worth reading!