Oil will not run out in the near future

Basically it boils down to three factors. The first is that oil companies are struggling to meet heavy demand, not only from oil-short China but from the United States, with refinery capacity problems. The Organisation of Petroleum Exporting Countries is being co-operative. Yesterday OPEC increased production by 300,000 barrels a day, bringing its total daily output to 30.4 million barrels, well above its officially agreed ceiling of 28.5mbd but not enough to make a significant difference to the supply and demand equation. The second factor is political uncertainties, centred on warnings of a higher risk of terrorist attacks in Saudi Arabia, the world
Times Online