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 remember going to a presentation in Boulder Colorado in 2005 or somewhere near there about how the world will run out of oil in 10-15 years, they had tons of data they had collected with a bunch of researches and everything.
We just keep discovering more and more oil, and get better at extracting it.
I mean, yes, but there is a finite amount, we just don’t have the ability to accurately gauge how finite. We also created new techniques for extraction and technology changed to enable those new techniques.
The information was good at the time, but it won’t get better at the same rate, we’re closer to the truth now than we were before because of advancement.
Anyway, my point is the new estimate is much closer to true than the one your comparing it to.