Note this is an issue with averages. The conditions that produce oil deposits are rare, and last for geologically short periods. If you average out all oil ever produced by all time over which oil has been forming, the number is quite low, but during those periods of time the rate is orders of magnitude higher.
Further, the commonly touted claim that it takes millions of years for oil to form is only relevant if your goal is to naturally produce extractable oil. The carbon sequestration is practically instantaneous, it just takes millions of years of deposition for the sequestered carbon to get deep enough to turn into oil. Renewable oil is never going to be a thing, but sequestering carbon through biomass is at least possible.
And note that any realistic solution to climate change demands a reduction in fossil fuel consumption, but with sequestration less reduction is necessary, and the very large amount of carbon already emitted can be removed.
Further, the commonly touted claim that it takes millions of years for oil to form is only relevant if your goal is to naturally produce extractable oil. The carbon sequestration is practically instantaneous, it just takes millions of years of deposition for the sequestered carbon to get deep enough to turn into oil. Renewable oil is never going to be a thing, but sequestering carbon through biomass is at least possible.
And note that any realistic solution to climate change demands a reduction in fossil fuel consumption, but with sequestration less reduction is necessary, and the very large amount of carbon already emitted can be removed.