Heat oil in a 2-quart saucepan over medium-high heat. Add onion and garlic to pan; sauté 3 minutes or until onion is tender.
Add broth and next 5 ingredients (through bay leaf) to pan; bring to a boil. Cover, reduce heat, and simmer 15 minutes or until liquid is absorbed. Remove from heat. Discard bay leaf. Fluff with a fork; stir in pecans and pepper.