The correct term for the point at which the maximum rate of oil extraction is reached is peak oil.
Peak oil refers to the time when the world reaches the highest rate of oil production in history. It is a theoretical moment from which it is expected that the amount of available oil will decline irreversibly. The concept of peak oil is attributed to Marion King Hubbert, american geologist and geophysicist, who in 1956 presented it for the first time formally. This concept is based on extrapolating the known history of exploited deposits or those that have been exploited to the world total. The oil fields reach their production peak very fast, then move to a plateau, where production remains more or less constant, folowed by a long decline. In fact, most of the oil in a field is extracted in this last phase.
If in the peak year X barrels are extracted annually, in later years less oil will be extracted (less than X barrels per year). But this does not mean that there is no oil, but that the extraction rate is lower.