The Price Of Petrol...

Lately the price of petrol went up to Rm2.70 per liter. Why? Isn't Malaysia an oil producing nation? doesn't Petronas reel in billions of dollars yearly? Why is Malaysia up to Rm2.70 per liter? Just the other day Saudi Arabia announced that there is no oil shortage in the world. So why are oil prices hitting the roof and going on? There doesn't seem to be an answer. The way i see it is that people assume that things in the future are going to be so and so and that affects the price of petrol. i think that is just plain stupidity. prices of things shouldn't be any different unless there is a current issue that threatens it . I think this is a easy way to make money. Oil producing companies announce there is a shortage and prices go up and keep going up and they make millions over night. yeah, smart way to make money but it affects the life's of billions. just a few years ago it was just a little over $30 a barrel. and today its about $140 a barrel. does that make sense? all this because there is apparently a shortage. but Saudi just announced there isn't a shortage. So why are prices still way high? What I'm trying to say is screw the amount per barrel in US is. Malaysia is a freaking oil producing nation and we pay Rm2.70 per liter. WHY THE HELL FOR!? The picture below compares oil prices of oil producing nations