The increase in world oil prices post-political turmoil in several oil-producing countries in the Middle East in the last year has hit the world aviation industry. The rise in oil prices into the low profits in the airline industry this year.
"Over the past decade, we have conducted large-scale efficiencies. In 2001, in order to profit, we expect oil prices below 25 dollars a barrel. But, in fact, now the oil price reached 110 U.S. dollars per barrel. With these conditions , we can only expect a slim advantage, "said IATA Director General and CEO Giovanni Bisignani of IATA's Annual meeting in Singapore on Monday (06/06/2011).
The event was attended by hundreds of CEOs and the perpetrators airlanes a world aviation industry. IATA represents 93 percent of scheduled international flights.
The average price of crude oil in 2011 to 110 U.S. dollars per barrel. This far exceeds previous estimates, which is 96 U.S. dollars. In fact, every dollar increase in oil prices will result in additional operational cost 1.6 billion U.S. dollars in the whole airlanes.
Component of fuel prices is now estimated at 30 percent of total airline operating costs. Or, doubled from the condition in 2001 in which the fuel components accounted for only 13 percent of operating costs
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