Having now seen the QF promotions it looks like the recent allocations account for the reduction in flying, 27 Classic Captains awarded slots on other types should just about do it for 4 a/c. Should this be the case then the question is, how long ago were these reductions planned? Allocations are not done overnight.
ALthough I believe it will be the LCC who are most affected by high oil prices, I find it hard to believe that QF would not seek other opportunities for the JQ cost structure.
Nevertheless, whilst some put their heads in the sand and hope this will 'blow over' the harsh reality may be that we are seeing yet another paradigm shift in the airline industry.