No. Not that it couldn’t happen, for example if Iran closes the Strait. The peak might well be quite broad with prices remaining near the present level for several years. 10-15 years from now oil production might well be falling and the alternatives coming on line and the price rising.
Even assuming that best-cast of flat supply won't demand keep growing?
I haven't done the numbers but China is sitting on huge dollar reserves which it can use to keep bidding up the price so that the squeeze falls on everyone else, particularly us. It's true that will reduce our ability to buy their stuff but what other choice do that have?
That's the scenario which worries me.