Yes. All of the oil resevoirs in the world are believed to have been discovered, and most of them are fully explored. Although estimates vary, it is quite possible that there the earth may run out of oil within the century.
It is incorrect to say that all of the reservoirs have been discovered. New oil fields are discovered every year, but at a decreasing rate and those that are discovered are in general small compared to the easy-to-find fields found decades ago. It is extremely unlikely that we will “run out” of oil. Running out of oil that is cheap enough to squander by burning in automobile engines is another thing, and is likely within a few decades.
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