Global oil reserves are, for practical purposes, limited. We're using them at a rate far exceeding the rate of deposition. At some point, we will have to spend more energy to extract remaining reserves than we get back from burning them (extraction might still be worth it, because plastics and other oil products are really useful).
When is the point at which conventional oil production peaked/will peak?
For the purposes of this question, please only consider conventional oil resources: that is, excluding shale oil, synthetic hydrocarbons, biofuels, oil sands, coal to liquids, and gas to liquids.