SORT OF. They could get all the oil they needed, actually, even with that overblown army, because the USSR was more than happy to sell it to them, along with food and other materials Germany needed. Most of the rest of the world hated the USSR enough to not do much trading with them, but Germany had all sorts of trade and research and industrial agreements with the USSR. And was willing to pay with what Stalin needed the most: industrial equipment.
As I've said before, the NSDAP could have learned a thing or two from the Ferengi. Starting with Rule Of Acquisition Number 3: Never spend more for an acquisition than you have to. They chose to get into a very expensive war, both in material means and in human lives, when they could have gotten everything MUCH cheaper.
I mean, hell, even that Generalplan Ost where they planned to starve a few million Ukrainians to death to get their grain? Stalin was already doing it for them. Pay for enough grain imports from the USSR, and Stalin would happily starve a few million Ukrainians for you. So, like, WTH, even the genocidal goals could have been achieved cheaper
But anyway, genocide jokes aside, they actually managed to stock up oil before Barbarossa, so obviously they were getting enough.
The ONLY reason to want to invade for resources was Hitler's belief that he needs to prepare an autarchy. Which may or may not have been based on his seeing how vulnerable Germany had been to a blockade in WW1, or may or may not have been based on a belief in an imminent shrinking markets problem, depending on who you ask. (It's basically the belief that those countries selling you grain and minerals will eventually use the money to achieve industrial parity with you, at which point they stop selling you stuff.) The former however ONLY applied if he wanted to start a war, and the latter still shows no signs of happening some 100 years later than when Hitler got his ideas, yeah, it seems like an unsound motivation. You can see how he reached that conclusion, but it's still unsound.
And in any case, when the "solution" involves basically trying to DEindustrialize and DEurbanize the country in the 20'th century, yeah, it's safe to say he wasn't exactly an economic genius.