The Globe and Mail reports in its Thursday, July 20, edition that the price of heavy Canadian crude, much of which comes from the oil sands, has been rallying this year. The Globe's Tim Kiladze writes that in global oil markets, Canada is best known for its abundance of heavy crude and its most commonly quoted price is a benchmark blend known as Western Canadian Select (WCS). Since the start of the year the price of WCS has jumped 16 per cent, while the price of West Texas Intermediate (WTI) oil, the broader North American benchmark, is down 5 per cent. The soaring WCS has boosted MEG Energy and Athabasca Oil shares by 25 per cent and 39 per cent this year. WCS's recent rally is multifaceted, but a major driver is the recent production cuts by the Organization of the Petroleum Exporting Countries. Saudi Arabia's cuts "have been especially hard hitting on Arab Heavy and Arab Medium, the Kingdom's two heaviest export grades," says oil analyst Rory Johnston. The state of global oil refineries has also had an impact. Heading into the pandemic, many aging refineries that specialize in processing heavy oil had been retired, and during the pandemic some that were supposed to come on-line were delayed.