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
CIA activities in Iraq Castro as well as his trips throughout the Soviet Union, the Eastern Bloc, and China. In 1991, former high-ranking U.S. diplomat Hermann Eilts told journalist Elaine Sciolino that Mahdawi had been the target. By 1961, the CIA had cultivated at least one high-level informant within the Iraqi wing of the Ba'ath Party, enabling it to monitor the Party's activities. A CIA cable reveals that the Ba'ath Party "first approached Arif about a coup in April 1962." In mid-1962, alarmed by Qasim's threats to invade Kuwait and his government's expropriation of 99.5% of the British- and American-owned Iraq Petroleum Company's (IPC)