Technically yes.
But given that water can be created from other elements, that are in abundance on earth. in addition to the oceans. It would be very difficult to ‘run out’.
If we go on a slight detour and talk about ‘potable’ or ‘safe to drink’ water. Yes we can run out. very very much so.
It is actually a bigger and bigger issue every day. Cape Town in South Africa actually came very close to running out of usable water a year or so ago, despite enforcing rather strict water rationing
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