Is this true? And if so, why is the current crisis being hyped so much?
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Yes it is very true.
In fact Saudi Arabia could have made public how much they have left. But in doing so with Aramco going possibly public they would have to disclose how much they have left.
They are not going to run out in our lifetimes contrary to the 1970s and 2oth century scares. It was pure propoganda.
North American craton has so much oil potential untapped while there is a lot of oil in the ocean oil seeps throughout the world. With proper technology this can be extracted as well in the near future.