The Earth does not need oil as the earth can still function without the oil when we extract it.
The Earth also does not need the oil for any of the planet earths structure or survival as oil is in the rocks instead of just in the ground.
So even though we extract oil from the ground the earth won't collapse as the rocks still hold the earth together.
Oil that is being extracted from the earth was formed over millions of years from the remains of ancient organisms.
And while oil is now crucial as a resource for humans due to it's uses in gasoline, diesel, engine oil, heating oil and petrochemical and other energy uses, the earth itself is not harmed or destabilized at all even if all the oil were to be extracted from the earth.
The strength of the earth comes from the solid rock layers and not the oil that is contained within them and oil is a finite resource and while it is in reality renewable it is not replenished at a rate that can keep up with human consumption.
Although the earth's overall structure is not at risk, the extraction of oil can cause land subsidence, pollution and other problems with the environment.
Oil is also vital for modern society and is used in transportation, heating, making plastics and may oil products, which makes oil a cornerstone of the global economy.
Oil is produced over the course of tens of millions of years and the process of oil creation is always happening but we still could eventually run out of oil but it will likely be another 100 years or so.