As major economies across the globe emerge from the doldrums of the pandemic and travel surges, oil prices could further spike and reach $100/bbl by next year, according to the most bullish Wall Street forecast yet this year.

wti crude

It could also mark the final surge in oil prices, however, as pressure intensifies on energy companies and governments to transition away from fossil fuels, oil in particular.

While the current bull cycle should boost oil export revenues for Mexican state oil company Petróleos Mexicanos (Pemex), the firm is poorly positioned to capitalize on the trend relative to its peers, according to independent energy analyst Rosanety Barrios.

For one thing, Pemex imports most of the petroleum products it sells, Barrios told NGI’s Mexico GPI, and the prices of...