Mayrhuber blames oil for plunge
14 / 06 / 2009
LUFTHANSA has reported a drop in traffic for May of 9.1 per cent for May – down to 125,000 tonnes. In total Lufthansa’s freight has fallen 21.4 per cent this year.
Wolfgang Mayrhuber, chairman of the executive board and chief executive officer, blamed financial speculators for continued uncertainty in oil prices.
“The old rule whereby supply and demand dictated the price of a certain raw material no longer applies,” he said. “Financial speculators now have an enormous influence on our business.”
Following a peak of US$147 a barrel last year, oil bottomed out at $47 in March but is now growing again to its current level of $71. OPEC has said that its natural price should be $70-90 a barrel.