Personal transport going close to 100% electric is going to take a long time, but combine all electric vehicles with plug in hybrids and demand may start to drop within 10 years. Especially if bio fuel production remains steady, the total demand for oil could actually start to fall significantly within ~15 years.

Remove oil as an energy source and industry would still keep 1/4 of current demand. So, oil is not going to become stranded, but that’s still going to crush any company or country depending on current profits.