What happens when the world runs out of oil?

This current war has shown us that cutting off one route that only provides 20% of the world's current supply can throw the world into turmoil.

I read a few articles on how much oil is left in the world and the number comes up between 1.3 and 1.7 trillion barrels which at current consumption is estimated to be about 40 to 50 years of supply left. Between new technology in exploration and discovery of new extraction techniques to exploit previously unviable sources this might expand a bit but it's still not a lot considering how much the entire world's economy relies on the black blood.

Then what?

Is 100% renewables achievable or a pipe dream?

What about all the non energy sectors that rely on petrochemicals?

As supplies dwindle does this push the world to massively invest in new technology?

40 years doesn't seem like a long way away and the future looks bleak when the black lifeblood stops flowing so freely.