Well cutting is happening right now and very large scale. USA is kinda laggard here but eg new electric car sales is up 70% in Europe or new Solar installations are up 50% in Africa.
(By contrast, a supply cut is 'not developing new fossil resource cuz someone else will buy it and burn it', which is obviously a dead end).
I think in the long run Russia will recover its output if that war stops. China wants its resources too badly, especially if it gets into a fight with US. As for Iran that depends on how the war ends. Gulf likely returns to normal.