As crude oil hit new a new multi-year high on Thursday, closing above $110 a barrel , Exxon Mobil Chairman Rex Tillerson told CNBC natural has is the fastest-growing conventional fuel and that demand will 60 percent by 2030.
Tillerson said the oil market "is pricing in what it thinks is going to be the cost of the next barrel that has to be bought in the event there is another interruption of supply somewhere else."
He defended his company's $30 billion acquisition of XTO Energy at a time of high natural gas supply and low prices. XTO is a major player in the natural gas industry.
"I think the timing was good from our perspective. The current conditions were not unexpected by us," he said, adding Exxon is "happy in the resource we have and in the organization we acquired as well."