There is no such thing as 'peak oil' because we keep figuring out ways to find more.

Think Oil Sands: massive amounts of Oil in Alberta and Venezuela was not considered in reserves just a decade ago because it was not economically feasible to access it. Now it is. Deep Oil drilling, arctic exploration - so much changes so quickly. Heck - most wells are left with a lot of Oil in them because it cannot be extracted.

Of course eventually there will be such a thing as 'peak oil' but it's hard to determine.