Yes, if Saudi Arabia is the whole ocean.  No, if you consider that oil is abiogenic, and untapped reserves across the world remain uncounted, including the world's largest known reserve of over 2T bbls under Colorado.  We're not running out of oil in the 21st Century.

I expect that deeper yet in the lithosphere, where temperature, pressure, and chemicals in rocks are continually squeezing oil out, a thousand times the oil we will ever need remains available.  It isn't cheap, but it's cheaper than the Green New Deal or the CO2 starvation of all life on Earth.