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The global airline industry will see its profits halve this year amid rising jet fuel prices triggered by the U.S.–Iran conflict, the director general of an airline association said on June 7 in Brazil.
Willie Walsh, director general of the International Air Transport Association (IATA), recounted the industry’s challenges since the COVID-19 pandemic in his report at the group’s annual meeting in Rio de Janeiro.
“No sooner did we put COVID behind us than we faced aerospace supply chain failures, war in Ukraine, geopolitical tensions, and tectonic shifts in trade policies,” he said.
“And when war broke out in the Middle East in March, oil prices jumped, and jet fuel prices skyrocketed. As a result, we expect average jet fuel prices to be 70 percent higher year-on-year. That will add $100 billion to our collective fuel bill this year.”…
Willie Walsh, director general of the International Air Transport Association (IATA), recounted the industry’s challenges since the COVID-19 pandemic in his report at the group’s annual meeting in Rio de Janeiro.
“No sooner did we put COVID behind us than we faced aerospace supply chain failures, war in Ukraine, geopolitical tensions, and tectonic shifts in trade policies,” he said.
“And when war broke out in the Middle East in March, oil prices jumped, and jet fuel prices skyrocketed. As a result, we expect average jet fuel prices to be 70 percent higher year-on-year. That will add $100 billion to our collective fuel bill this year.”…
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