VIENNA—OPEC and a coalition of oil producers led by Russia reached an agreement Friday to join in a significant production cut that could mop up a burgeoning global crude-supply glut.

The Organization of the Petroleum Exporting Countries along with Russia and its allies will curb oil output by a collective 1.2 million barrels a day, under the deal. OPEC nations would cut 800,000 barrels and the Russia-led group would handle the remainder.

Brent crude jumped as much as 5.2% to $63.11 a barrel on London’s Intercontinental Exchange on news of the deal.

The agreement showcases Russia’s new clout as an oil producer and the importance of its alliance with de facto OPEC leader Saudi Arabia. Cooperation between a Russia-led group of non-OPEC oil nations and the Saudis helped producers prop up prices with deep production cuts in 2017.

Not having Russia and other non-OPEC participants “around the table would be a futile exercise,” Nigerian oil minister Emmanuel Ibe Kachikwu said after the hard-fought agreement had been struck.