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Geneva-based IATA, which represents some 230 major international airlines, said the coming months would be marked by oil price uncertainty. An earlier forecast of $9.1 billion industry profits in 2011 was based on an oil price of $84 a barrel. With turmoil in the Middle East driving prices higher, Bisignani warned that airline profitability could be squeezed. "For every dollar increase in the average price of a barrel of oil over the year, airlines face the difficult task of recovering an additional $1.6 billion in costs," he said.
[Associated
Press]
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