I suggest to you that "abiogenic oil" has been neither proved nor disproved. There's still a great deal human beings do not know about deeper in the Earth. The idea that bacteria could work on material that has welled up rather than that which settled in seas and was buried is not a ridiculous concept unworthy of investigation.
Even if it were shown to be true, just how quickly oil is produced and in what quantities would still have to be determined. It would not necessarily put an end to the very real and current Peak Oil problem.
I reserve judgment.
YouTube - On the Edge with Max Keiser-World Oil Production-11-19-2010-Part2.