By threatening Kuwait last week, Iraq delivered a stern warning to all OPEC members to stop cheating.

Initially, Saddam Hussein attempted to deter Coalition military action by threatening Kuwait's and Iraq's petroleum production and export.

Wall Street's focus on events in the Mideast began in July, when oil prices began to rise as Iraq threatened Kuwait.

Iraq threatened Kuwait, lied about its intentions and finally invaded.

So far, Iraq has not threatened Saudi Arabia or Kuwait in its latest military maneuvering.

The Kuwaitis, while agreeing the sanctions should end, balked at any Arab stance that lacked an explicit commitment by Iraq not to threaten Kuwait again.

- President Hussein, threatening Kuwait and the United Arab Emirates over oil-production policies, July 17.

Iraq seems to be trying to put in place an ability to hit American forces, slowing any attack, and to threaten Kuwait.

In response to this, Hussein threatened Kuwait that, unless it reduced its oil output, Iraq would invade.

"It is something we decided on before even Iraq threatened Kuwait," he said.