MOSCOW:The global aviation crisis caused by rising fuel prices and escalating tensions on the energy market is a precursor to more serious...
MOSCOW:The global aviation crisis caused by rising fuel prices and escalating tensions on the energy market is a precursor to more serious disruptions in other sectors, Russian Presidential Special Representative for Investment and Economic Cooperation with Foreign Countries and CEO of the Russian Direct Investment Fund Kirill Dmitriev said.
"12,000 flights cancelled in May. As predicted, the global aviation shock is spreading quickly and is a harbinger of the more severe shocks to come in other sectors," he wrote on social network X.
He was commenting on a publication by The Kobeissi Letter, which noted that airlines around the world are canceling flights at an unprecedented pace. According to an infographic published by The Kobeissi Letter citing Financial Times data, air carriers have reduced the number of available airline seats by 2 mln and cut 12,000 flights scheduled for May over the past two weeks, bringing the total number of available seats down to 130 mln.
Earlier, Dmitriev stated that the world is moving toward the largest energy crisis in history due to a record surge in oil prices. The worsening situation on the global energy market is linked to the conflict in the Middle East, including US and Israeli strikes on Iranian territory and tensions surrounding shipping in the Strait of Hormuz area.
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