Yes we can run out of oil, but nobody really knows if or even when that will happen. Right now I'm guessing we won't run out because wind and solar is so much cheaper for most purposes everyone is shifting anyway - this will take decades to play out.
If you had made predictions/scenarios in 1850 based on Guano deposits running out within a decade or two, you would have mispredicted completely, because a lot of the industry just transitioned to sodium nitrate (before synthetic fertilisers took over). Nowadays media landscape would've gladly made such doom-and-gloom predictions for global agriculture back then.
I completely agree that quickly depleting reserves often indicate non-sustainable pricing for ressources (which is obviously bad long term), but that is very different from sudden collapse.