‘Peak oil’ refers to the point in time when global crude oil production reaches its peak, before declining permanently. This does not mean the complete end of crude oil, but rather the point in time when it is no longer possible to extract as much oil as before because the easily accessible deposits have already been largely exploited. At present, the assumption is that we are approaching a ‘peak demand’ rather than a peak in production.

From a geological perspective, oil will last for several decades, taking into account reserves that have already been unlocked. It is not possible to provide exact figures because the global potential has not yet been fully assessed and consumption is difficult to predict.

Yes (mostly). For technical and economic reasons, only a portion of the oil in a deposit can be extracted. The amount that can be extracted depends on the characteristics of the deposit, the properties of the oil, and the extraction method used.

No, oil deposits expire, i.e. they deplete. Although there are still active petroleum systems in which hydrocarbons are produced naturally, the quantities are too small to replenish oil fields within a timeframe that is relevant on a human timescale.