The International Air Transport Association (IATA) has said that weak travel demand and lower freight volumes in the global recession has led to more than $3bn in losses for the world's airlines in the first quarter of 2009. Maintaining its estimate for full-year losses of $9bn, IATA warned that the 30% increase in oil and jet fuel prices since early May would squeeze airline cash flows further in coming months. 'Airlines have not yet felt the full impact of this oil price rise,' it said.