OPEC-plus members, including Saudi Arabia and Russia, agreed on Wednesday to cut crude production by 2 million b/d. It marked the coalition of oil-producing countries’ largest pullback on output since the early days of the pandemic in April 2020, a move that could both send prices back to $100/bbl and aid Russia’s escalating war in Ukraine, analysts said.

Citing recessionary headwinds and the potential for curtailed global demand, the cartel moved to curb the world’s supply of oil and tame recent pressure on prices. Brent crude, the international benchmark, lost more than 30% between its 2022 peak in June, when prices topped $120/bbl, and the end of September.

The reduction comes “ahead of a potential decline in Russian exports later this year,” but it “could be...