Ryanair Cuts Winter Flights, Warns Rivals May Fail

Ryanair, Europe's largest airline, cut its winter flying schedule on Wednesday to limit how much jet fuel it has to buy at today's prices — and warned that some of its competitors will "struggle to maintain capacity or even survive" this winter if oil stays high.

The carrier told investors it is bracing for unhedged jet fuel at $140 a barrel this winter, according to MarketWatch, which called the move a real-economy consequence of the energy crisis.

Ryanair also said short-haul airfares in Europe will rise "materially" if high oil prices run into 2027.

The Numbers

The average price of jet fuel has climbed 8.2% month-on-month to roughly $156 a barrel and is 74.2% higher than a year ago, according to the International Air Transport Association.

Ryanair says about 80% of its jet fuel for 2027 is already hedged at $67 a barrel, which it argues leaves it positioned for another profitable year even as rivals absorb spot prices.

Because unhedged fuel is expensive, the airline said it is "sensible" to cut exposure during the loss-making November-to-March schedule. It lowered its 2027 traffic target from 216 million passengers to 214 million.

Winter traffic will now be "broadly flat" against last year. Summer traffic, covering April through October, is still on track to grow more than 5% to 145 million passengers.