In:
Leiden Journal of International Law, Cambridge University Press (CUP), Vol. 4, No. 1 ( 1991-04), p. 119-134
Abstract:
As a result of the Iraq-Iran war, Iraq's economy has been exhausted. It had a foreign debt of nearly 80 billion dollars. Iraq apparently failed in its attempts to borrow in foreign capital markets the amounts for investment-in particular for the reparation and expansion of oil production capacity-which it needed to restore its economy. In June 1990, Iraq stated that Kuwait and the United Arab Emirates had undermined the Iraqi economy by persistently producing more than their OPEC quotas. On July 18, 1990, the Iraqi Minister of Foreign Affairs Tariq Aziz stated in the Arab League that Kuwait had stolen Iraqi oil worth 2.4 billion dollars from the Rumaila Oilfield and that Kuwait had built military installations on Iraqi territory. The President of Egypt, Mubarak, then stated that Iraq and Kuwait would negotiate in Jeddah about the Iraqi claim. At the OPEC conference in Geneva on July 26, the minimum reference price was raised to $21.0/b. This despite Iraq's pressure to raise it to $25.0/b. Iraq then warned Kuwait that it had legitimate and historical rights in respect of the Rumaila Oilfield and two islands in the Persian Gulf. On August 1 it turned out that the negotiations in Jeddah had failed. Kuwait stated that it had refused to cede territory. On August 2 Iraqi troops invaded Kuwait. Because of the small capacity of the Kuwaiti army to offer resistance, Kuwait was occupied by Iraq in a very short time.
Type of Medium:
Online Resource
ISSN:
0922-1565
,
1478-9698
DOI:
10.1017/S0922156500001862
Language:
English
Publisher:
Cambridge University Press (CUP)
Publication Date:
1991
detail.hit.zdb_id:
2017891-8
SSG:
2
