brendan: opec can never get its pricing powerback?nted to cut supply and make sure everyone else commits to cutting supply, they could have some power, but not as much. their power has been reduced over time, but there is still a significant amount of power that saudi arabia has. if they decided to cut production, the oil price would not collapse as much as it did. just not only for putting its enemies like iran or russia, but for economic reasons. overdecided lower prices time means you will get rid of the high-cost producers. it's a rational decision when you are trying to reduce prices, weeding out the high-cost producers. they're still talking about cutting costs even though there is this massive write-down. do we could that changing as the fed begins to hike rates? what does that do? >> china is slowing down and commodity prices are falling him and like any value in currency, commodity prices are slowing down. the response running slow down in growth of inflation is to boost the economy. even though the fed is going to -- is not,

brendan: opec can never get its pricing powerback?bia decided they want to cut supply they could have some pricing power. it is not zero or full to your to their power has been reduced over time. they still have a significant amount of power, saudi arabia. they may decide to essentially cut production. i think they did it not just for their own enemies whether it is iran or for example russia, but also for economic reasons/. if you have to much production by high-cost producers, and shale oil in the united states, and lower prices means you get rid of high marginal cost for yourself, you have a larger market share. it is a rational decision. reduce prices, they are evening out. vonnie: australian oil, they are talking about a rate cut you know the aussie dollar is down. does the rba cut rates? do we see more cuts even as the fed continues to hike? what is that it to the market? nouriel: in australia, you have the follow coming from china, and like any other commodity currency, growth is slowing down. what is the actual response to hav