At least in the public imagination, the concept of global production peaking and its harsh ramifications will likely be completely masked by deepening recessions/depressions, war and ecological/climate change catastrophes.
We will indeed experience increasing scarcity and difficulty in obtaining oil, but it is likely that a large portion of society will not blame geological scarcity as the culprit. They will blame expensive or scarce oil on inflation, war, geopolitical tension, revolutions, civil wars, bank runs, dried up credit, debt, Depressions, etc...all of which will become increasingly frequent in the century ahead of us.
This is the sad part about this topic. Though we will quickly exhaust the rest of our geological supply of oil, and that will truly be the culprit in the decimation of civilization as we know it, it is likely that the vast majority of civilization will mistake the symptoms of collapse as being the root cause.