"Peak Oil" isn't a new idea. I learned about it back in 1979.
There's a curve that occurs in the production of any finite natural resource. Doesn't matter what it is.
Oil is no exception, whether it's biotic or abiotic.
Unless the earth is somehow manufacturing it faster than we're using it, which is sorta doubtful to say the least, there's gonna be that same old curve where demand eventually outstrips supply.