Of course not - however, it is likely to be more of an on and off switch than most people realise due to the structure to the current global oil profile. The two aspects are that 48% of current production comes from the set of giant and supergiant fields - these (cumulatively) have been on plateau since the eighties - when they decline, which is happening around about now with the top 3, Cantarell, Burgan and Ghawar all gone now, the global total will fall. No amount of small fields and workovers will replace the losses from these old giants.
The second point is deepwater. Deepwater fields come on very fast to a short peak and then decline equally fast. This is the most economical way to produce when the infrastructure costs are so high. In total, deepwater production is expected to ramp up to 9 to 12 million barrels per day at the beginning of the next decade, after which a annual decline of 10%-15% sets in.
Taken together these impacts suggest a rapid decline post peak rather than a slow one.