According to the estimated figures released by Official Airline Guide (OAG website: www.oag.com), not less than 60 million fewer airline seats will be sold across the globe during the final quarter of 2008. The said condition foresees an overall seven percent reduction in the global aviation capacity. The company has noted that the soaring oil prices have compelled most of the airlines across the globe to cut back on the routes offered by them in addition to capacity cuts.

The report also noted that the situation is highly severe that the industry can witness it overtake the fallout noted during the September 11 attacks. During that time, the capacity fall was only five percent, which took about three years to recover.

Most notably, the areas that are worst-hit by this adverse condition in the domestic market of US are expected to absorb not less than one third of all the cuts estimated across the globe. Also, Asia is expected to feel the pinch of the situation with a fall in the capacity by about 13 percent.

OAG chief operating officer, Steve Casley, noted that the said figures clearly marked the end of a steady growth observed in the airline industry since 2002. He added, "It looks quite possible that we may be facing a far more severe global downturn than we have experienced before."

Over and above, during this week, the International Air Transport Association has revealed that the growth in demand for air travel has considerably declined to its lowest rate since the Sars outbreak during the year 2002.