The Globe and Mail reports in its Friday edition that the United States is buying Canadian oil in record quantities. The Globe's Matt Lundy writes that in November, the U.S. imported 4.36 million barrels of Canadian crude a day, overtaking previous highs in 2019. Canada mostly exports crude that is heavy and sour (more sulphur), whereas U.S. shale-based production is light and sweet (less sulphur), explained Rory Johnston at the Commodity Context newsletter. Canada's heavy crude costs more to refine and thus trades at a discount to lighter U.S. crude. Before the shale boom of the 2010s, which helped the U.S. become the largest oil producer in the world, refineries there invested tens of billions of dollars upgrading their facilities to process Canadian oil more profitably. "While there's lots of light U.S.-based crude sloshing around, they still want those heavier barrels -- so they keep buying Canadian barrels and export the excess U.S. barrels," Mr. Johnston said in a statement. As a result, Canada now accounts for 63 per cent of U.S. crude imports, close to the highest levels on record. "Oil and gas and things like that . . . were showing growth" late last year, said Beata Caranci, chief economist at TD Bank.