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.