There are 1.65 trillion barrels of proven oil reserves in the world as of 2016.
The world has proven reserves equivalent to 46.6 times its annual consumption levels. This means it has about 47 years of oil left (at current consumption levels and excluding unproven reserves).
This means that the oil is going to run out in our lifetime
Source/more reading: https://www.worldometers.info/oil/
Update: It is infact not true (or just partially true), because it only considers already known oil reserves that can be pumped out with current technology.
There is more oil that can potentially be used as technology and infrastructure advances, so the estimate of 50 years is wrong.
For the correction thanks to [email protected] (their original comment)
“The report says we can release 565 more gigatons of co2 without the effects being calamitous.” “It says we can only release 565 gigabytes.” “So what if we only release 564?” “Well, then we would have a reasonable shot at some form of dystopian post-apocalyptic life, but the carbon dioxide in the oil that we’ve already leased is 2795 gigatons so…”
Point being, we already have oil we haven’t burned yet that will shoot us far past any limits we’ve pretended we’ll adhere to, and yet we’re still looking for more oil to dig up. How can this end well?