The Gas Exporting Countries Forum (GECF), whose members hold more than two-thirds of the world's gas supplies, expects global demand for the fuel to grow 34% by 2050, Algeria's state news agency reported on Friday.

The North African country is hosting leaders of several nations in its capital Algiers as the industry confronts waning demand for oil and gas and new competition from renewable energy sources.

(Reporting by Jana Choukeir; Writing by Clauda Tanios; Editing by Jan Harvey)