The question is not whether, but how much. And if it's lots, does it migrate to the surface fast enough to replenish what we use.
That's the crucial question. If the rate of production is much less than our rate of consumption, then we still have a long-term problem unless we switch to nuke/solar/geothermal
It would be interesting if someone could look at some old oil fields that haven't been pumped in decades and see if they are being replenished from below.