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
Armenians in Kuwait Armenians immigrated to North America. As of 2013, there are roughly 6,000 Armenians in Kuwait. As a result of the Armenian Genocide, many survivors were forced to first settle in the Levant including Lebanon, Syria, Egypt and Iraq. In 1958, the first wave of Arab nationalism appeared in Syria and Egypt. This did not sit well with the large Armenian communities in these countries. The establishment of the United Arab Republic triggered a mass exodus of Armenians to Lebanon (from Syria) and to Canada and the United States (from Egypt). Some Syrian-Armenians immigrated to Kuwait, when it was still a