You didn't list any reasons to believe it's not running out in the forseeable future.
-Because it was a quick, two-paragraph reply to an extremely complex topic.
But just off the top of my head, the Canadian Tar Sands- by itself- contains more recoverable oil than all of Saudi Arabia's proven reserves. Yes, it's difficult to exploit, but that's just one resource out of thousands worldwide.
The Bakken Formation in Montana and North Dakota may contain between 3 and 18 billion barrels. As a comparison, the North Slope of Alaska has produced, over the last 35 years or so, around 16 billion barrels.
By some recent estimates, the amount of recoverable oil in North America alone may well be something like twice the amount known worldwide just 20 or 30 years ago. It's also worth noting that there's a huge difference between "proven" reserves and "recoverable", and that advances in technology have made reserves once considered "unrecoverable" into "proven".
Production levels are not an indication of remaining oil levels.
-Any more than the amount shown on your car's gas gauge is an indication as to how much gasoline remains in your entire state.
Some wells aren't economical to exploit until the price of oil passes a certain mark, and so aren't producing. But that well might be tapping a formation that contains tens of millions of barrels.
"Production", "recoverable" and "proven" all have specific meanings. If oil shoots up to $200 a barrel, the current estimate of recoverable oil in the world would go up by about a third- that is, by hundreds of billions of barrels. That is why I say "not for the forseeable future".
Fracking is essentially licking the bowl clean.
-If the "bowl" still contains another billion barrels of oil, why not "lick" it?