A 2 page summary from the American Society of Mechanical Engineers says yes.
They propose 3 phases, summarized here.
Phase 1: When consumption exceeds production in a country that normally exports oil, it will stop exporting. This happened in the UK in 2003.
Phase 2: 6 years from now worldwide oil production will be on the declining side of the curve.
Phase 3: 20 years from now, Phase 1 will occur within the world’s top 5 oil exporters (Saudi Arabia, Russia, UAE, Iran and Norway). This will bring about the end of worldwide oil exportation.
Countries highly dependent on oil imports, which now include the USA, China and India, will be hurting.
It's Interesting 
this may well happen, but either way, the s*** will hit the proverbial fan in some way/shape/form when oil starts to decline. that is unless we have some other technology developed by then. i wouldn’t be the least bit surprised to learn that the military of some country has already developed some fix to this problem, but it is being kept secret for a multitude of reasons.