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IATA Director General and CEO, Giovanni Bisignani, has, as expected, delivered a sharp downgrade in the outlook for the airline industry in 2008. In a little over three months, the industry’s expected profit of USD4.5 billion (based on an average oil price of USD86 per barrel, Brent) has swung by USD6.8 billion to a predicted loss of USD2.3 billion. If oil prices stay around USD135 per barrel, the industry’s losses could balloon to USD6.1 billion this year.
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