If anything, I'd say data is more valuable than oil. For one it's "renewable", but also the insight that can be gathered from data gives it a level of reach that even surpasses oil (which is very versatile in its own right).
Data breeches are the new oil spills, the destabilizing by-product of burning fossil fuels has a lot of similarity to how the largest data brokers can disrupt entire industries, political systems, and neighborhoods.
Data is a target for geo-political actors, whether it be slipping spyware into network infrastructure or tracking your own citizens.
When we look back 100 years from now, I won't be surprised if the events that occurred during the mass commercialization of oil (anti-trust, regulation, military action, productivity gains, facilitation of developing economies) also occur due to data.