Discovery of Oil
Malabo has been significantly affected by Teodoro Obiang Nguema Mbasogo's growing co-operation with the oil industry. The country's production has reached 360,000 barrels per day (57,000 m3/d) as of 2004, an increase which led to a doubling of the city's population, but for the vast majority, very little of that wealth has been invested in development.
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