Nope. I'm talking about the Trump 2020 OPEC deal [1][2].

Without recounting the entire saga, OPEC tries to maintain a floor and a ceiling for oil prices. Too low and they don't make enough money. Too high and it causes political problems. They meet every 3 months to project demand and they adjust supply accordingly. Some members cheat and lie about their output but the system generally works. One thing that keeps the Gulf powers in line is military support, particularly Saudi Arabia.

When the pandemic hit in March 2020, demand cratered. Futures prices briefly went negative because producers had nowhere to store oil and nobody was buying. This is where Trump cajoled MBS into cutting supply in a 2 year deal. This superseded the normal 3 month review and adjustment process so it wasn't even necessary. This deal was huge too. It would initially cut global supply by 10%.

So then in 2021 demand roared back and prices exploded. The Biden admin obviously came in in January 2021. They quietly went to MBS to get him to rescind the deal. MBS refused.

Republicans blamed Biden even though it was a Trump deal. Democrats blamed oil companies for being greedy because they, just like the Republicans, didn't want to upset Saudi Arabia even though Biden could've absolutely threatened Saudi Arabia with the weapons the US provides.

As to why MBS refused, it's complicated and there's a lot of history but a big part of it is that Trump screwed over OPEC in 2018 and (in OPEC's view) the Obama admin screwed them over in 2015 by removing the ban on crude oil exports.

What gets me though is nobody talks about the Trump 2020 OPEC deal.

[1]: https://www.reuters.com/article/economy/special-report-trump...

[2]: https://www.reuters.com/article/business/opec-agrees-largest...