The Financial Post reports in its Saturday edition that global oil demand has surged to a record, the International Energy Agency said. A Bloomberg dispatch to the Post reports that the IEA said world fuel use averaged 103 million barrels a day for the first time in June and may soar even higher in August. As Saudi Arabia and its partners constrict supplies, oil markets are tightening. The IEA said: "Oil demand is scaling record highs, boosted by strong summer air travel, increased oil use in power generation and surging Chinese petrochemical activity. Crude and products inventories have drawn sharply [and] balances are set to tighten further into the autumn." Oil last week touched a six-month high above $88 (U.S.) a barrel in London amid the postpandemic resurgence in fuel use and supply restraint by the Saudi-led OPEC+ alliance. Brent futures eased back to trade below $87 (U.S.) on Friday. The plunge in world oil demand during the COVID-19 crisis spurred speculation that consumption may be close to a peak as remote working gained in popularity and governments sought to shift away from fossil fuels to avert catastrophic climate change. The IEA data, however, show that oil use is stronger than ever.