According to a new report released by the International Energy Agency (IEA) on June 5, China will become the third-largest gas importer behind Europe and Asia Oceania, driving a 2.7% average annual growth in global gas demand through 2017.

The report, Medium-Term Gas Market Report 2012, released Thursday at the World Gas Conference 2012 mentions that China will more than double consumption over the next five years while lower prices from the unconventional gas revolution will continue to benefit the United States. The report also says that natural gas is well on its way to a bright future.

Additionally, during the period, North America is slated to become a net LNG exporter, while Japanese imports will increase, although by how much will hinge on the country's nuclear policies.

Medium-Term Gas Market Report 2012, part of a series of IEA medium-term market reports also featuring coal, oil and renewable energy, presents detailed forecasts for the next five years of sectoral demand by region plus supply and trade. An in-depth analysis addresses infrastructure investments in LNG and pipelines.

Meanwhile, Algeria's energy minister, Youcef Yousfi said that global oil supply is sufficient and the Organization of Petroleum Exporting Countries will study the recent decline in crude prices to keep the market balanced.

The economic slowdown in Europe because of the debt crisis may curb oil demand, and OPEC will address the situation at a meeting next week in Vienna, Yousfi said.

The 12-member group pumps about 40 percent of the world's crude. "OPEC will study the price decline," he told the Conference.

Oil demand in Europe will probably increase this year, even as "some sort of stagnation" in consumption has been observed, Yousfi said.

Algeria, OPEC's third-smallest member by output, produced 1.2 million barrels a day of crude last month, according to the minister. The country plans to boost its production capacity to 1.5 million from 1.4 million "in a few months," he said.

Algeria also has "substantial" reserves of unconventional gas and is evaluating its option for processing and selling the fuel, according to Yousfi. It has estimated deposits of so-called tight gas of 1,000 trillion cubic feet and 8,000 trillion cubic feet of shale gas, he said.

The North African country exported 55 billion to 60 billion cubic meters a year of gas, the minister said.

It is building two new facilities to process liquefied natural gas to be ready next year and has met potential customers in Asia to discuss exports. Older plants will be revamped or closed.

"Gas demand is slowing down in Europe, but it's for the short term," Yousfi said. "Next year, demand may increase."