A milestone agreement to control CO2 emissions has been reached among 191 countries participating at the International Civil Aviation Organization’s (ICAO) 39th Assembly, in Montreal.

Lower oil prices helped the International Air Transport Association (IATA) to revise the industry projected profits to $36.3 billion for the year. IATA Director-General and Chief Executive Officer, Tony Tyler, said that “lower oil prices are certainly helping — though tempered by hedging and exchange rates. In fact, we are probably nearing the peak of the positive stimulus from lower oil prices. Load factors are at record levels. New value streams are increasing ancillary revenues.”