![]() and Israel of encouraging Kuwait to lower its oil prices. He accused Kuwait of stealing from an oil field on the Iraq-Kuwait border, and he accused the U.S. In July 1990, Saddam claimed that Kuwait and the UAE were over producing crude oil, driving down prices and depriving Iraq of critical oil revenues. ![]() Both countries refused, however, so Hussein threatened Kuwait, its oil-rich, militarily-weak neighbor, reigniting a decades-old border dispute over Kuwait itself. ![]() ![]() ![]() Iraqi President Saddam Hussein insisted both countries cancel that debt because he felt they owed him for protecting them against Iran. After the Iran-Iraq War of the 1980s, Iraq was in debt to Kuwait and the United Arab Emirates, who had financed its war efforts. ![]()
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