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 Cephalotrocity@biglemmowski.win (their original comment)
I’m not lightening the mood; I’m just stating a fact. Some cells billions of years ago started producing this very highly toxic, very highly poisonous gas that killed 99% of everything that was living back then on Earth. That gas spread everywhere. It was horrible. Death everywhere. Did the world end? Nope. New life adapted and thrived. The gas was oxygen.
Now it seems like it will be CO2. Produced by carbon-based organisms, like those oxygen-producing assholes of a distant past. And I, just like the universe, say, “eh… it happens.”
But more to the point - naaaaah, the world will be fine. Humans ain’t going nowhere. We’re what, 8 billion already? That’s 8 million of millions of people. Some of us will just move underground, or to the poles. But chances are, we’ll fix this issue before it becomes a human extinction event.