Airlines have cut two million seats from May's schedules within the past two weeks as concerns build that the Iran war could cut jet fuel supplies to 'critically low levels', according to Daily Mail. The total number of seats available across all carriers this month fell from 132,619,704 in mid-April to 130,674,864 in late April. The number of flights fell by more than 13,000 over the same period – from 859,167 to 846,162.
Key Takeaways
Airlines have cut two million seats from May's schedules due to concerns about jet fuel supplies being disrupted by the Iran war. The number of flights fell by more than 13,000 over a period of two weeks according to analytics firm Cirium. Airlines are raising fares and revising financial outlooks in response to soaring fuel prices.
- Two million airline seats cut from May schedules
- Number of flights reduced by 13,000 due to jet fuel concerns
- Airlines raising ticket prices and cutting capacity
- UK government allows airlines to consolidate flights
Gulf airlines such as Qatar, Etihad and Emirates have been worst hit by Middle East airspace closures and airport disruption since the conflict began on February 28. German carrier Lufthansa had the most seat cancellations after cutting 20,000 flights between May and October, with Air China axing almost 500,000 including internal services.
The UK government has introduced a temporary rule change allowing airlines to group passengers from different flights together on fewer planes as part of plans to save fuel. This could see passengers moved from the service they originally booked to a similar one in a bid to reduce wasted fuel from flying planes that have not sold out and might otherwise be cancelled.
According to The Guardian, airlines are redrawing their operations because of soaring jet fuel prices amid the Middle East conflict. The price of jet fuel has more than doubled since the US-Israel attack on Iran and the closure of the Strait of Hormuz. Analysts at Goldman Sachs said in a research note that the UK was the most exposed as the largest net importer of jet fuel in Europe, with a low inventory, high import reliance, and reduced domestic refining capacity for jet fuel.
Reuters reports that airlines are responding to the surge in jet fuel prices by raising fares and revising their financial outlooks. Airlines such as Air France-KLM, EasyJet, and Turkish Airlines have announced significant changes to their schedules and pricing strategies due to the increased cost of jet fuel.
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