1990 oil price shock and prices began to fall. On August 2, 1990, The Republic of Iraq invaded the State of Kuwait, leading to a 7-month occupation of Kuwait and an eventual U.S.-led military intervention. While Iraq officially claimed Kuwait was stealing its oil via slant drilling, its true motives were more complicated and less clear. At the time of the invasion, Iraq owed Kuwait $14 billion of outstanding debt that Kuwait had loaned it during the 1980–1988 Iran–Iraq War. In addition, Iraq felt Kuwait was overproducing oil, lowering prices and hurting Iraqi oil profits in a time of financial stress. In the buildup
Kuwait International Rally Kuwait International Rally The Kuwait International Rally (known originally as the Kuwait Rally, is an international rally racing event held on the coastline of Kuwait between the capital Kuwait City and the border with Saudi Arabia. It is the largest motor sport event held in Kuwait annually. The rally, held on gravel roads and sand for the most part, has consistently been part of the Middle East Rally Championship but its history has been intermittent as Kuwait has been embroiled in armed conflict, first with the 1990 Iraqi invasion and the Gulf War and Iraq War which followed. Emirati driver