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
Liberation of Kuwait campaign Liberation of Kuwait campaign The Liberation of Kuwait was a U.S.-led military operation to retake Kuwait from Iraq after the massive air campaign, between 24–28 February 1991. U.S. troops and the Coalition entered to find the Iraqis surrendering en masse; however, pockets of resistance existed, particularly at Kuwait International Airport where Iraqi troops, seemingly unaware that a retreat order had been issued to them, continued to fight, resulting in a fierce battle over the airport itself. The majority of the fighting took place in Iraq, rather than Kuwait. The operation is part of what is commonly known as the Gulf