Despite Kuwaitâs oil wealth it was already a wealthy country. If it came down to it Kuwait could survive without its oil revenue because of all its investments. In 1990 when the price of oil started dropping Iraq was in real trouble. At an OPEC meeting in May 1990, Iraq stressed their anger about Kuwaitâs over production of oil...
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At an OPEC meeting in May 1990, Iraq stressed their anger about Kuwaitâs over production of oil. On Baghdad Radio it was reported that Saddam Hussein stated that the continuing of over production of oil and its effect on oil prices was a so-called war on Iraq. Iran supported Iraq when they requested that the minimum price of oil was set to $25 per barrel, which was $14 at the time...