OCTG

US rig counts inch up again, Canadian activity slips
Written by David Schollaert
February 21, 2025
The latest oil and gas rig count in the US increased slightly from last week, while Canadian activity edged lower, according to Baker Hughes.
The US rig count is 592, up by four from the prior week. It’s worth noting that in late January, US activity fell to the lowest rate recorded since late 2021. US drilling activity has remained at reduced levels since June 2024.
Canadian activity slipped by just one rig this week to a total of 244. Recall that earlier this month the count of 258 was the highest rate seen since March 2018. Historically, Canadian counts tend to surge through February before declining as warmer weather and thawing ground conditions limit access to roads and drill sites.

The international rig count is a monthly measure that totaled 905 in January. This is down by four from the December count and 60 fewer than the same month last year. February data will be updated next month.

The Baker Hughes rig count is significant for the steel industry because it is a leading indicator of oil country tubular goods (OCTG) demand, a key end market for steel sheet.
For a history of the US and Canadian rig counts, visit the rig count page on our website.

David Schollaert
Read more from David SchollaertLatest in OCTG

Active rig counts slipped in US, Canada
Drilling activity slowed in the US and Canada last week, according to the latest oil and gas rig count data released by Baker Hughes.

OCTG producers in Canada take aim at Mexico, US, others
Evraz NA and Welded Tube of Canada have lodged an unfair trade complaint against imports of OCTG, including those from USMCA trading partners Mexico and the US.

OCTG industry salutes Customs for catching trade crooks
The US OCTG Manufacturers Association is commending US Customs for intercepting another Thai company's attempt to illegally transship Chinese oil pipe to the US.

Drilling activity slows in the US, grows in Canada
Oil and gas drilling activity was mixed this week, according to Baker Hughes. US totals slipped for a sixth straight week, while Canada saw a slight bump in activity.

Commerce finds no Korean OCTG shipments below market value
US Department of Commerce (Commerce) review found no South Korean oil country tubular goods (OCTG) exporters or producers sold products below market value