Cartel that controls over 80% of the world’s proven oil reserves: Abbr.

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Possible Answers:

OPEC.

Last seen on: Daily Celebrity Crossword – 6/16/19 People Sunday

Random information on the term “OPEC”:

Groups of countries or regions are often referred to by a single term (word, phrase, or abbreviation). The origins of such terms include political alliances, intergovernmental organizations, business market areas, and mere colloquialism.

OPEC on Wikipedia