Oil formed over millions of years at a rate of about 80,000 barrels / year. We consume 36.4 billion barrels of oil per year. That means we consume oil about 455,000 times faster than it was originally produced. And this is just oil; I'm not counting coal and natural gas. Trying to reverse that process by taking a fraction of one year's plant growth and sequestering it is probably 5-6 orders of magnitude too little to…
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.