Well, OPEC feels it needs to artificially limit supply to keep prices from cratering, while fracking has basically permanently displaced several producers.
Also, electrification and renewables threaten future demand (though that may be taken up by plastics).
At some point between now and the heat death of the universe, the Earth will stop pumping oil. I wouldn't bet that peak oil is super imminent though.
Also, electrification and renewables threaten future demand (though that may be taken up by plastics).
At some point between now and the heat death of the universe, the Earth will stop pumping oil. I wouldn't bet that peak oil is super imminent though.