At the moment, the world has more than enough oil to meet its needs. In fact, it has too much, which is why OPEC is holding back some of its production to drain off a portion of the excess crude sitting in storage depots around the world. Furthermore, according to an estimate from the International Energy Agency (IEA), the oil market will remain well supplied through at least 2020 even though demand should continue expanding at a brisk pace.
It's a different story post-2020, where there's a growing concern that the oil industry might not be able to keep up with continued demand growth because it's not reinvesting enough money into longer-term projects. That could result in a big shortfall in supplies, potentially fueling a significant spike in oil prices in the coming years.