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Fact Sheet: Fuel

  • The global airline industry’s fuel bill is forecast to total US$176 billion in 2011 (accounting for 30% of operating expenses at US$110.0/barrel Brent of oil). 
  • This is an increase of US$37 billion over 2010 and is four times 2003’s fuel bill of US$44 billion (that accounted for 14% of operating expenses at US$28.8/barrel Brent).
    • Political unrest in the Middle East is pulling oil prices up
  • In 2010 the fuel bill is estimated at US$139 billion (accounting for 26% of operating expenses at US$79.4 per barrel Brent).
  • Industry profits of US$6.9 billion are forecast for 2011 and following profits of US$15.8 billion in 2010.

 

 Industry Fuel Costs and Net Profits


Industry fuel costs and net profits
Updated: 12/2011 Next Update: 3/2012 Source: Industry Financial Forecast Table (IATA Economics)


 

Fuel Impact on Operating Costs

Year % of Operating Costs Average Price per Barrel of Crude Break-even Price per Barrel Total Fuel Cost
2003 14% $28.8 $23.4 $44 billion
2004 17% $38.3 $34.5 $65 billion
2005 22% $54.5 $51.8 $91 billion
2006 26% $65.1 $68.3 $117 billion
2007 28% $73.0 $82.2 $135 billion
2008 33% $99.0 $88.9 $189 billion
2009 26% $62.0 $55.4 $125 billion
2010 26% $79.4 $91.0 $139 billion
2011 F 30% $112.0 $116.3 $178 billion
2012 F 32% $99.0 $101.1 $198 billion

Updated: 12/2011 Next Update: 3/2012 Source: Industry Financial Forecast Table (IATA Economics)

 

Impact of Refinery Margin on Fuel Costs



Updated: 12/2011 Next Update: 3/2012 Source: Industry Financial Forecast Table (IATA Economics)


Updated: December 2011


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