Time for oil producers to act now: IHS

The moment of reckoning has come for both oil producers and oil companies, says Dan Yergin of IHS. The development coming from Russia is significant, Yergin tells CNBC-TV18."The message that we heard last week from the Saudi Minister, Ali Naimi was that they are not going to do it by themselves; so I think whats coming out of Moscow over the last 24 hours is particularly significant because now Vladamir Putin is on board," he adds.This comes after Russian President spoke of radical measures to balance the global oil market on Tuesday. Watch video for more