There is shit loads of oil out there. It's not running out in my lifetime, or my kids.
However the issue is, when does it become economically viable to extract it? Easy oil comes out with pumps (the stereotypical Middle East image).
Hard oil comes from sands, where the oil has to be extracted. This is much more resource heavy, and therefore expensive method. There is however, shit tons of it.
So, the answer is IMO we will have oil for a long time, but it's going to be expensive.