Iata chief executive Willie Walsh said latest figures showed global international traffic 32% down on 2019, with aviation at about 75% of pre-Covid levels.

Walsh highlighted the difference between the basic crude oil price and that of jet fuel, saying it was “at levels I don’t recall ever seeing before”. Fuel is an airline’s biggest single cost.

Last week, he said, the difference had reached about 50%. “I looked back over the 10-year period up to 2019, where it averaged about 17%. 

“Jet oil prices are still very, very strong, very elevated. And that will continue to put pressure on the airline cost base as we go through the rest of the year,” he said. 

He added: “We had expected this spread to reduce as more jet fuel supply became available. But clearly the recovery in demand is stronger than the recovery in the production of jet fuel.

Walsh said the issue was “clearly a challenge for airlines”, with some carriers beginning to hedge fuel purchases having not done so before. 

However, he said Iata remained positive, with strong forward bookings evident.

“We’ve seen good traffic figures through the peak summer in the northern hemisphere, and domestic markets now recovering well with the increased activity in the Chinese domestic market. 

“And we expect this now to continue into the August and September figures, given the positive trends that we’re seeing in forward bookings.”