The decline in global oil prices to under US$60/barrel forBrent in recent days is markedly improving the short-termprospects for the global aerospace industry. For airlines, IATAnow forecasts that global profits will hit a record level ofUS$25.0bn in 2015, up from the revised US$19.9bn nowexpected to be posted in 2014, as lower jet fuel costs feed intothe bottom line as well as lower prices.