(Reuters)According to a Reuters monthly poll released on Tuesday, OPEC+-led efforts to support the market are likely to be hampered by sluggish Chinese demand and growing global supplies, which will keep oil prices in the neighborhood of $70 per barrel in 2025.

In 2025, Brent crude was expected to average $74.33 a barrel, according to a survey of 31 economists and analysts. This is the ninth consecutive downward revision from the November forecast of $74.53.

This year, the global standard Brent crude has averaged about $80 per barrel and was on track to drop 3% annually due to waning demand from China, the world's largest importer.

Compared to last month's forecast of $70 per barrel, U.S. crude is expected to average $70.86 per barrel in 2025.

"It is anticipated that increased production from non-OPEC nations will maintain a well-supplied market. China's economy is expected to revive, but the move to electric cars will probably restrain demand growth, according to Sehul Bhatt, director of research at CRISIL (NS:CRSL).

According to JPMorgan analysts, supply will surpass demand by 1.2 million barrels per day (bpd) next year, and the majority of survey participants anticipate that the oil market will be in excess.

At its December meeting, OPEC+, which supplies almost half of the world's oil, postponed the beginning of oil output increases by three months, until April 2025, and prolonged the entire unwinding of cuts by one year, to the end of 2026.

"The assumption that non-OPEC+ supply growth will surpass demand growth in 2025 served as the impetus for the decision. Florian Grunberger, senior analyst at data and analytics company Kpler, stated, "This leaves limited room for OPEC+ to raise production... we anticipate a further delay in unwinding of cuts until Q4 2025."

According to the poll, the world's oil demand was expected to increase by 0.4 million to 1.3 million barrels per day in 2025. This contrasts with OPEC's 1.45 million barrels per day growth projection for 2025.

As Donald Trump returns to the White House in January 2025, markets are also anticipating significant policy changes, including changes to taxes, deregulation, and tariffs.

Kim Fustier, head of European oil & gas research at HSBC, stated, "In general, we think U.S. politics matter less than many believe when it comes to the impact on oil prices and the U.S. domestic oil & gas sector."

However, several analysts pointed out that the Trump administration's imposition of harsher restrictions on Iranian oil exports would provide short-term support for oil prices.