Cathay Pacific Airways Ltd may cut some flights in September if fuel prices remain high, Chief Executive Officer Ronald Lam said.

Lam, who spoke to reporters at an industry meeting in Rio de Janeiro on Sunday, said he hoped the impact of the war in the Middle East would be clarified by then so he doesn’t need to cancel more flights. Cathay has pledged to operate all its flights in the peak summer travel period in July and August.

Lam cautioned it was “too early” to determine now if flight cuts from September onward are needed, pledging the airline will “remain agile” to the situation.

Though Cathay has benefited from capturing some of the demand that would have otherwise gone to Gulf carriers, the Asian airline hasn’t been immune. The Iran oil shock has driven up costs, forcing Cathay to add surcharges as high as HK$3,120 ($398) for a round-trip flight, though those costs have since come down.

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On fuel hedging, Lam said Cathay plans to evaluate whether to adjust its policy to include refining costs, or the crack spread, to iron out volatility. The carrier hedges as much as 50 percent of its fuel needs as far as two years out. Jet fuel shortages haven’t been an issue and are unlikely to be a risk, he said.

Separately, Cathay is interested in a larger variant of the A350 widebody if Airbus SE goes ahead with its launch, according to Lam, as the carrier is planning to spend more than HK$100 billion on more than 100 new aircraft over several years.