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
2003 invasion of Iraq played down. His annual report to the General Assembly for 2003 included no more than the statement: "Following the end of major hostilities which resulted in the occupation of Iraq..." A similar report from the Security Council was similarly terse in its reference to the event: "Following the cessation of hostilities in Iraq in April 2003 ..." The United Nations Security Council has passed nearly 60 resolutions on Iraq and Kuwait since Iraq's invasion of Kuwait in 1990. The most relevant to this issue is Resolution 678, passed on 29 November 1990. It authorizes "member states co-operating with the Government