NIGERIAN governments have been accused of making oil policies to the disadvantage of the Asian oil bodies.

This assertion was made by Mr Marcus Veimer, one of the representatives of an Asian oil company, Cathtam, London. He spoke at a forum yesterday in Lagos.

The discussion session with the topic: 'Thirst for African oil: Asian national oil companies in Nigeria and Angola' brought to the fore, a comparative study of Asian national oil investments in Nigeria and Angola, analyzing the nature of the investments, the political complexities of the relationships, how they have been managed by the host governments and the outcome so far of Asian countries' engagements.

According to the organisers of the event, The Nigerian Institute of International Affairs, NIIA, in conjunction with the Chathman House, London, the essence of the talk was to grow the relationship between the Nigerian oil industry and those of the Asian continent.

Also on the occasion, Dr. Charles Dokubo of NIIA said the Nigerian governments had failed to create the right environment for Asian oil companies to grow compared to Angola, adding that the Nigerian leaders do not understand the interest of Nigerians, therefore, have failed to protect Nigeria's interest in their dealings with the Asians.

Oil falls near $77

Meantime, oil slipped to around $77 a barrel yesterday, heading for a third straight session of losses, on lingering doubts over the outlook for fuel demands.

U.S. crude CLc1 for September delivery fell by $1 and was 92 cents lower at $77.10 a barrel, extending its decline following a 3 per cent fall on Wednesday, its biggest daily drop in six weeks. Brent crude also dipped by 98 cents to close at 76.66 dollars a barrel.

"The mood of the oil market has deteriorated significantly in recent days.

"We can see there has been a drop in risk appetite which has resulted in lower stock markets and a stronger (U.S.) dollar," said Carsten Fritsch, oil analyst at Commerzbank in Frankfurt.

U.S. stockpile data on Wednesday showed a sharp rise in gasoline inventories, highlighting the weakness of oil demands in what was usually the peak during summer.

China, which rivals the U.S. as the world's biggest oil consumer, showed signs of an abrupt slowdown in economic growth this week as reflected in a drop on Asian stock exchanges on Thursday.

The International Energy Agency (IEA) added to negative sentiment over future energy use when it said oil demand growth next year would be sharply lower if the economy falters.