Discoveries of unconventional sources of oil grow yearly, increasing known supplies of oil. The unconventional sources have higher recovery costs associated with them, but with current technology and disregarding cost of recovery, and assuming a 2% per year growth in demand, there are current sufficient known reserves of conventional oil, heavy oil, tar sand and shale oil to sustain oil comsumption for another 50 years. Known world reserves are increasing almost every year and the known reserves/production ratio also increases yearly, so the world can presumably sustain current consumption + 2% per annum almost indefinately.
I prepared my senior paper for my Economics degree on this subject in 1995. Although a bit dated (although not as dated as my research), this source comes to the same conclusion:
http://archive.greenpeace.org/climate/a ... serve.html
Enviromental depletion alarmists fall victim to the Malthusian fallacy.