THE International Energy Agency (IEA) urged Opec nations to rapidly implement production caps yesterday after Russia agreed to come in on the deal.

Russian President Vladimir Putin, whose country is the largest oil producer outside Opec, gave the pledge at the World Energy Congress in Istanbul on Monday.

Venezuelan President Nicolas Maduro welcomed the Russian commitment, saying: “Petroleum producers, Opec members should reach an agreement and should work for the stability of the petroleum industry.