Originally Posted by Willie Walsh, IAG CEO
I'll let Alex speak directly to the issues but let me address the fuel. You know, what we're saying is that if we look at the fuel price then up until the 9th of September, Brent was trading above $100. At the end of September, Brent was still over $97. It traded between the 9th and the 29th of September between $97 and $99. It's only since then -- so October and , you know, early November, so a period of about five weeks that we've seen the price fall below $100. So I'll just say, at this stage, what we're thinking of is let's keep an eye on this because clearly, if it goes back to, you know, where we've seen on September, well then the business plan is probably the relevant figure to look at. There is some currency effect which I think is more, you know, stable, if you like, at this stage and negative for us. But that's what we showed in the chart that Enrique presented that, you know, if -- if fuel continues at the price, well then, clearly, there is some potential opportunity in that.
The reason we're not presenting that as a guarantee today, you know, you heard me earlier talked about confidence. I'm just not as confident around what the fuel price is going to do at this point. So we want to watch that over the next weeks and months. And certainly, when it comes to presenting our full-year '14 results which will be in I think early February and we'll -- we'll give you a more informed view on the impact of fuel price on our 2015. But we felt it was just a bit too volatile in the short term to sort of pin our -- the 2015 targets on an oil price that may well change. I think the view we take is that if you look at the fundamentals, you could argue, it shouldn't be at $82, it should -- you know, there's nothing really radical to this change.
But then, you know, you can make any arguments you like around the oil price and I'm no expert at it. I think I've told you this story before, the best presentation I ever got on fuel hedging was when I was at Aer Lingus and it was a fantastic presentation by a guy who went into all the micro and macro issues and I listened to this. And for the first time, I said "I now understand this, I get this, and I think it's very clear to me we definitely shouldn't hedge. We should take the advantage of the spot."
And he said, "Oh, no, no." He said, "No. Most definitely not. My recommendation to you is that you should hedge." And I said, "Why, everything you told me tells me we shouldn't." And he said "yes, I might be wrong."
So we'll just watch it for a little while and as I said, we'll update you. But we're not trying to hide this. You know, we're saying it clearly is, there is
just an opportunity and it's something that we'll update you on.