There is still a lot of oil in reserves to last for several more years, or decades. The problem is that oil companies fight and compete over acquiring these oil reserves. This leads to overall international tension over control of supplies. We won’t as a planet run out of oil for a long time, but some areas might lose control or access to oil.
“Running out” of oil is not the same as the peak of production, which occurs at the point when half the existing oil has been produced (and the other half remains in the ground). Oil companies and international tension have nothing to do with it, either, nor does it matter who controls it. The peak of production may have already occurred, and if not there are few who suggest that it will occur more than 10-15 years in the future.
We will almost certainly never “run out” of oil. But it will become impossible for the planet to yield as much as we demand quite soon. And it will also become very expensive.
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