The International Air Transport Association projected that airlines worldwide are on track to post $18.7 billion in profits this year,

down from the previously projected $19.7 billion. IATA attributed the revision to higher oil prices than previously forecast. Still, IATA noted that "the $3 billion added cost on the industry's fuel bill is expected to be largely offset by stronger demand, especially for cargo, which is being supported by a strengthening global economy." North American airlines will contribute the largest share to worldwide profits, with a forecasted $8.6 billion. That is up $300 million from IATA's prior outlook, "reflecting the strength of the economic recovery in the U.S.