Why?
I firmly believe oil is produced by the oceans at a rate we could never keep up with. The dead plankton etc constantly falls to the bottom and turns to ooze. In many cases it travels underground via caverns or porous strata to potential well sites onshore.
We just need new and better methods of discovering and extracting it from inner space.
I’ve heard it both ways and I’m not convinced either way ... but whichever way it is ... if you want to REMOVE those countries from their EXCESSIVE INFLUENCE upon the world (along with their despicable ideology) ... then another form of energy to replace oil is going to be required.