I'm not sure regenerate is the word should be used - oil wells, that were thought to be depleted, refilled. The implication being the oil seeps or upwells into those wells (accessible to us) from deeper within the earth; like it's oozing out of the mantle, contrary to it coming from bio-matter that came from the surface and was compacted and liquefied. Also implying there is far more of it than we believe and perhaps it goes on being made through some as yet unknown physical process.

Not sure but science is mysterious.

Just quick random theory:

Oil basically is C and H composition. Burning it you get CO2, H2O and energy. Both are food for plants, that consume them and using solar energy produce O2 and CH compositions. If you don't burn all plants that grow, that CH components have to go somewhere. CH plants remnants consumed by bacteria and other living species, they also leave CH remnants that have to go somwhere. Plants do not consume CH remnants of creatures, they mostly extract N, P, K and other stuff needed, along CO2 and water. So, where all that huge mass of CH compounds go? It could drown to the soil with rains and other stuff. Unerground streams of water collect that CH compounds in suitable areas, where they combined, filtered, washed and continue to soak deeper, to the layers with higher temperatures. High temperatures decompose complex CH compounds produced by plants and animals into simpier ones that finally turn into oil.

Short variant of that cycle could be observed in vegetable oil fuel production. The difference is that plants create oil-like CH compounds directly, but in very small quantities. It is very ineffective way of getting fuel, because only small parts of grown plants (seeds, fruits, etc) collect oil that could be extracted, but all other parts of oily plants continue large cycle described above.

So, oil is just a natural solar energy storage made by plants, much more effective than all that modern green shit, with magnitudes order higher energy density and efficiency than solar panels + batteries and other green stuff. Nature give us a perfect way to save and store solar energy, long before all that green bastards crawled out from their black holes.

There could be a very deep rabbit hole with CH compounds produced by plants. It is a unbeliveably huge amount of energy that just could not be consumed by creatures of Earth. Even when consumed, creatures leave a huge part of CH compounds as shit. It should not be hard to estimate possible amount of solar energy stored in CH compounds by plants over the Earth and think where are they really go.

And when Earth climate will return to normal, Eocene-like warm, mild and steady climate, and Earth become really green, from pole to pole, that presumed oil cycle will run at normal rate. So, that greenhouse global warming, elites try to avoid by any means, will be not only solution to nearly all humanity problems with food, habitable territory, whatever, but also to a "problem" with "fossil fuels" for trillions of people.

And burning oil is not something unnatural. We just returning stored CO2 to the Earth atmosphere, that was screwed by last Ice Age, when most plants died and oil creation process slowed down.

I don't believe it's regenerating at a meaningful rate

Try changing your perspective...Replacement Migration utilizing so called 3rd world birth rates to replace so called 1st world ones. That represents utilization of regeneration at a meaningful rate.

And what did they DJ say? "there's no trouble that I can't fix (tikun olam) cause I can do it in the mix (miscegenation)".