IATA has revised its 2005 loss forecast upwards to $7.4 billion in the wake of the rise in fuel prices. This is based on the average price of a barrel of Brent oil being $57 over the 12-month period. IATA’s estimate in May of $6 billion total losses was based on Brent averaging $47 per barrel for the year. However, IATA still expects the industry, apart from North America, to remain in the black, with Europe at breakeven and the Asia-Pacific region making $1 billion. This is more than cancelled out by the anticipated $8 billion of losses in North America, however.

Source: Airline Business