The airline industry is set to reap the benefits of lower oil prices, which could fall to as low as $30 a barrel, according to the chief executive of Emirates Airline.
"I've always thought personally it go well down to 30 again, but we'll see," Tim Clark, president and CEO of Emirates Airline, told CNBC in an exclusive interview.
"I've always said the realistic price for out-of-ground: $70. Should never, ever have been above that."
Although there may be significant volatility across asset classes in the short term, Clark said that a lower oil price would bring back confidence and investment for the aviation industry in the long term.
"At the moment we've got all sorts of issues. This gives the global economy a fighting chance in the next 18 months to 2 years to get back on a reasonable footing," he told CNBC.
However Clark argued the gains for Emirates Airline in particular was currently limited by the strength of the dollar, which was having an impact on the firm's ability to realize profits in countries like Russia and Australia.
In November, the Dubai-based carrier reported a net profit of $514 million, up 8 percent from the same period last year. Of the $12 billion in revenues, fuel prices accounted for 38 percent of operating costs.
"But if fuel falls to 50 or goes below - then of course the business will pick up. Much will depend how long it lasts," he said.
The International Air Transport Association this month revised its outlook for 2015, forecasting the industry to post global net profit of $25 billion, up from $19.9 billion this year.
Meanwhile, the long-serving head of Emirates Airline rejected recent speculation Airbus may bring its A380 program to a premature end due to disappointing sales. Emirates is the largest operator of the A380 superjumbos in the world.
Last week, Airbus finance director Harald Wilhelm told analysts that a discontinuation of the A380 was an option in order to break even through 2018.
"I'm reliably assured by the management of Airbus that that is not something that is on the table at the moment," Clark explained. "And to be quite honest we're working with both Rolls [Royce] and Airbus in developing the neo or the new A380".
Clark told CNBC the carrier would be willing to replace its entire fleet of 140 A380s with the revised version, in addition to another 60. The A380neo holds the promise of improved economics, with additional fuel savings of 10-12 percent.
In June, Emirates Airline canceled an order for 70 of the new A350 Airbus planes due to contractual specifications, a deal valued at $16 billion at the time it was signed in 2007. The cancellation was the largest in the history of the European aircraft manufacturer.
Clark reiterated the A350 was still an option as fleet requirements are assessed, together with the Dreamliner 787 from rival Boeing. The new planes are expected to appear in the fleet between 2018 and 2020.