Exxon's (XOM) Tillerson Says Recent Surge in Oil Prices a 'Risk Premium', Sees No Shortage

With Exxon Mobil's (NYSE: XOM) 2011 Analyst Meeting from this morning now over, Chairman, CEO and President Rex Tillerson just did an interview on CNBC's Street Signs.

The exec reiterated a view that there is currently no shortage of oil and that the recent spike in the price of crude can be attributed to a "risk premium" related to the still-unfolding turmoil in the Middle East and Africa.

Tillerson also pointed out that OPEC has four to six million barrels per day of spare capacity. He doesn't believe that the US's strategic reserves should be used amid the latest move higher. The exec feels that a loss of Libyan oil output is no "significant issue" for users of oil.

Tillerson finally commented that Exxon Mobil has two permits in the Gulf of Mexico pending with US regulators. He also said the company sees "tremendous resources" in Abu Dhabi.

At last check shares of Exxon Mobil were down 0.27% to $84.37.

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