Oil supply is not infinite. Sooner or later it will run out. The interesting speculation is when that will happen.
In a recent publication (ACS Energy and Fuels), several Kuwait scientists have studied this matter with a multicycle Hubbert model. The original Hubbert model in 1956, accurately predicted that oil production would peak in the United States around 1970. The model has since gained in popularity and has been used to forecast oil production worldwide. However, recent studies show that the model does not take into account more complex oil production cycles of some countries. Those cycles can be heavily influenced by technology changes, politics, social upheavals, and other factors.