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Ryanair CEO expects some airlines will not 'survive' the winter due to higher crude prices

The chief of budget European carrier Ryanair predicted some of his European competitors to file for bankruptcy in the near future.

The Irish airline warned that rising oil prices — and therefore fuel costs — would probably cause some of its regional counterparts to go bankrupt in early 2019.

A recent rally in crude futures has affected the industry, at a time when big airlines are being constrained to shape up to a much more competitive marketplace. Obviously, $80 per barrel is going to bring losses in Europe this winter, Ryanair CEO Michael O'Leary believes.

According to him, some of those carriers who couldn't make a fortune when crude was at $40 a barrel last year, will not survive this winter if oil stays at current high levels.

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