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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
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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