Last year we survived the four horsemen of the apocalypse- SARS, conflict in Iraq, terrorism and the economy. 2004 was meant to be the first profitable year for our industry this century. But a fifth horseman - the price of oil - could add up to one billion dollars per month to our costs and deny us profitability yet again."
This was the context of the 60th IATA Annual General Meeting held in Singapore in June 2004. Below are the proceedings from the event